Co-op Bank revives loan facility for farmers after 3.5 yrs

Almost four years after the then Congress government had announced to waive the loan of all farmers and cooperative banks across the state had suffered massive losses, the credit facility has once again been revived in the Punjab State Cooperative Agriculture Development Bank (SCADB).

Chairman, Punjab Agriculture Development Bank, Pawan Kumar Tinu on Thursday launched a loan disbursal programme by handing over cheques worth Rs 1 crore to 24 farmers from various districts. The event was held at the Agriculture Staff Training Institute and marked the official relaunch of the bank's long-halted loan facility.

Addressing the gathering, Tinu said it was a "matter of pride" that the pro-farmer institution had resumed operations after years of stagnation. He said the Punjab State Cooperative Agricultural Development Bank, which had been offering simple-interest loans since 1957, saw its services paused due to "ignorance of previous governments." The Chairman highlighted that the revival became possible only after the Punjab government infused over Rs 900 crore in 2022, giving the bank "a new lease of life".

Tinu was accompanied by District Planning Committee Chairman Amritpal Singh and Chairman, Jalandhar Improvement Trust, Ramneek Singh Randhawa, during the distribution of cheques to the beneficiaries. He also said that the bank will offer loans under various sectors including farming, non-farming, education and its employees. He emphasised that the relaunched loan facility would significantly support farmers, enabling them to access credit at some of the lowest interest rates compared to the broader banking sector.

Expressing gratitude to the Punjab CM, Tinu said the government had consistently prioritised farmers' welfare, citing the recent rapid disbursement of crop-loss compensation as another milestone. He added that the renewed credit initiative would help empower Punjab’s agricultural community and boost rural economic growth.