Jagan calls upon coop banks to extend loans at low interest rates to benefit people
CM called upon the coop banks to function in such a way to win the confidence of the people to approach them for financial assistance
Vijayawada: Chief Minister Y.S. Jagan Mohan Reddy on Thursday called upon cooperative banks to lend at the lowest rates for the benefit of the people and farmers.
The CM was speaking at a meeting with agriculture minister Korasala Kannababu and top officials at his camp office here on Thursday. He also asked them to lend against mortgage of gold at lower interest rates than commercial and other banks.
The Chief Minister called for the strengthening of DCCBs (District Cooperative Central Banks) and PACS (Primary Agricultural Cooperative Societies) by computerising their transactions and introducing a transparent functioning system. He underscored the need to come up with standard operating procedures to help mainly farmers.
Maintaining that the YSRC government had initiated revolutionary changes in the farm sector by introducing Rythu Bharosa Kendras, the CM said there was a need to strengthen the DCCBs. He said there should be no compromise in the sanction of loans and ruled out any role of politics in doing so. He wanted the coop banks to function without any complaints of graft and recommendations to extend undue favours and also called for proper monitoring to find out whether they were following the norms in their functioning.
He called upon the coop banks to function in such a way to win the confidence of the people to approach them for financial assistance.
He asked for the banking activities of PACS to be carried out through RBKs. He said banking correspondents already in place in the RBKs should serve as coordinators between the farmers and the banks. He directed officials to draft a policy on this after discussing it with experts.
The Chief Minister that the ultimate objective in doing so was to ensure every farmer cultivating an acre of land will to get the benefit. He directed officials to come up with a report with proposals on how to make the coop banks function very efficiently and submit a report to him.
He asked the officials to act on complaints, advice and suggestions received from the farmers on the banking sector and underlined the importance to utilise the kiosks in RBKs. He called for providing a facility to upload documents pertaining to the farmers in the kiosks.