By IANS
Bhopal : Cooperative banks in Madhya Pradesh have outstripped commercial and rural banks in the state in disbursing agricultural loans and mobilising deposits, state’s cooperative minister Gopal Bhargava said here Monday.
Quoting a state-level bankers’ committee report, Bhargava in an official release said all banks – commercial, regional rural and cooperative – in Madhya Pradesh were given a target to distribute Rs.89.05 billion in agricultural loans during fiscal 2007-08.
But while the cooperative banks achieved 74 percent of the target, commercial and regional rural banks (RRBs) achieved 57 and 58 percent, respectively.
During the first six months of the financial year, cooperative banks distributed Rs.24.92 billion worth of loans against Rs.24.23 billion worth loans commercial banks gave and Rs.8.76 billion of loans RRBs disbursed, the minister said.
“Besides, district cooperative banks distributed 2,914,030 ‘Kisan’ (farmers’) cards – 67 percent of total 4,341,240 cards distributed,” he added.
With a view to providing better credit facilities in the farm sector, the central government has set a target to provide loans to 100 new farmers per branch every year, Bhargava said.
Madhya Pradesh has, however, been able to provide loans on an average to 62 farmers per branch by Sep 30, 2007, he added.
“While the district cooperative banks provided loans to 88 new farmers per branch, 58 and 39 new farmers per branch were provided loans by commercial banks and RRBs, respectively,” Bhargava said.