Uttar Pradesh Raises Credit Limit for Rural Cooperative Societies to Rs 15 Lakh to Support Farmers

Chief Minister Yogi Adityanath has announced an increase in the credit limit for multipurpose primary rural cooperative societies from Rs 10 lakh to Rs 15 lakh. This move aims to provide greater financial assistance to farmers, as per an official statement. The announcement was made during the 61st annual meeting of UP Cooperative Banks.

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Adityanath emphasised the crucial role of cooperative banks in supporting farmers, young entrepreneurs, and MSMEs. He urged these banks to actively assist young entrepreneurs, noting that over 32,000 youths have already been linked to the Mukhyamantri Yuva Udyami Vikas Abhiyan. He encouraged cooperative banks to help these beneficiaries achieve financial growth.

Cooperative Banking Expansion

The Chief Minister also announced the introduction of cooperative banking in Balrampur district. He expressed satisfaction with the progress of cooperative banks, highlighting that the credit-deposit ratio of Uttar Pradesh Cooperative Banks has improved from 44% in 2017 to 61%. The net profit of these banks has reached Rs 100 crore due to transparent policies and better management.

Adityanath criticised previous administrations for misusing cooperatives for personal gain, which resulted in difficulties for farmers and the revocation of 16 bank licences. However, he credited Prime Minister Narendra Modi with revitalising the cooperative sector by establishing a dedicated ministry. Currently, 49 out of 50 cooperative banks are profitable.

Ensuring Fair Practices

The Chief Minister assured that fertiliser needs would be met through B-PACS and cooperatives while addressing black marketing issues to ensure fair pricing for farmers. During the event, he distributed cheques to beneficiaries of the MYUVA programme and honoured top-performing officials from district cooperative banks.

He also launched a magazine focused on preventing bank fraud to promote safer and more transparent banking practices. Adityanath stressed that expanding and strengthening cooperative banks would boost Uttar Pradesh's economy. He stated that small enterprises form the foundation of any economy, and cooperatives are key to strengthening them.

Adopting New Technology

The Chief Minister appealed to cooperative banks to adopt new technology to enhance transparency. "The more transparency we have, the better our work will be," he stated. He highlighted the need to extend cooperative banking services to farmers, youth, women, and underserved sections of society.

Adityanath's initiatives aim to bolster economic growth by supporting small enterprises and ensuring fair practices in cooperative banking. His focus on transparency and technology adoption reflects a commitment to improving financial services for all sections of society.