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C'garh decides to merge DCCBs into single state Co-op Bank

Press Trust of India  |  Raipur 

The has decided to merge all district cooperative central banks (DCCBs) of the state into a single State Cooperative Bank, aiming to serve the farmers with better and efficient facilities, officials said.

The cabinet meeting chaired by Chief Minister here at Mantralaya today gave approval in this regard, a public relation officer said.

In the meeting, Singh asserted that the of all branches of DCCBs will be one of the major financial reforms in the state.

play a significant role in paddy procurement and disbursements of short term agricultural loans to farmers and in view of this, in-principle decision was taken to transform it into a mega State Cooperative (Apex bank) to ensure better services to farmers, the CM said.

After the decision, all DCCBs will be amalgamated into one state cooperative bank, which further will enact a strong financial infrastructure and emerge as a strong bank, he said.

Although all 264 branches of the DCCBs will continue to function in the state as same as earlier but from now on will give its services as a scheduled cooperative bank, he added.

The decision will be benefit the farmers and the interest rates will come down by another 1.5 to 2 per cent on loans to them.

This will directly affect the state government's interest subsidy, where it will be saving Rs 40-50 crore annually, the chief minister said.

Besides, the farmers will be getting modernised facilities at the village level along with ATM and Micro ATM services.

They can carry out transaction from any branch in any part of the state and very soon mobile and Internet banking facilities will be added, he said.

The working capital of the cooperative will cross over Rs 10,000 crore after the and the bank will have enough money for disbursement of agriculture loans, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 18:23 IST