Lucknow, Mar 21 (UNI) Chief Minister Yogi Adityanath on Friday announced an increase in the credit limit for multipurpose primary rural cooperative societies from Rs 10 lakh to Rs 15 lakh to provide more financial support to farmers.
During the 61st annual meeting of Uttar Pradesh Cooperative Banks at Indira Gandhi Pratishthan, the CM also announced the launch of cooperative banking in Balrampur district.
He described cooperatives as the strong foundation of the state's economy. "Cooperative banks are the backbone of the economic growth of farmers, young entrepreneurs and Micro, Small and Medium Enterprises (MSMEs)," he said.
Yogi urged the cooperative banks to actively support young entrepreneurs. He highlighted that over 32,000 youths have already been linked to the Mukhyamantri Yuva Udyami Vikas Abhiyan and encouraged cooperative banks to help beneficiaries grow financially.
Expressing satisfaction over the progress of cooperative banks, he said that in 2017, the credit-deposit (CD) ratio of UP Cooperative Banks was 44 percent, which has now increased to 61 percent. "The net profit of these banks has reached Rs 100 crore, a result of the government's transparent policies and better management," he said.
The CM criticised the previous governments for turning cooperatives into centres of personal gain, which led to hardships for farmers and the confiscation of 16 bank licenses. However, he credited Prime Minister Narendra Modi for reviving the cooperative sector by establishing a dedicated ministry.
He said, "Today, 49 out of 50 cooperative banks are profitable."
He also assured that fertilizer needs would be met through B-PACS and cooperatives while cracking down on black marketing to ensure farmers get fertilizers at fair prices.
During the event, the CM distributed cheques to beneficiaries of the MYUVA and felicitated top-performing officials from district cooperative banks. He also launched a magazine focused on preventing bank fraud to ensure safer and more transparent banking practices.
Yogi emphasised that the expansion and strengthening of cooperative banks would boost UP's economy. "Small enterprises are the foundation of any economy and cooperatives are the most effective way to strengthen them," he said.
He made an appeal to cooperative banks to adopt new technology to enhance transparency, stating, "The more transparency we have, the better our work will be," he said.
He also highlighted the need to extend cooperative banking services to farmers, youth, women and the most underserved sections of society. The meeting was attended by Parliamentary Affairs Minister Suresh Kumar Khanna, Minister of State for Cooperation (Independent Charge) JPS Rathore, senior officials and representatives of cooperative banks.
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