Punjab to revive rural credit structure

Punjab will soon have an international centre for promotion and development of cooperative societies with support from the Geneva-based International Credit Alliance (ICA). This was announced by ICA President Ivano Barberini at the inaugural session of the three-day ‘National Conference on Revival of Rural Cooperative Credit Structure’ in Chandigarh today.

“The failure of the corporate economy that resulted into the current global recession has restored people’s faith in the cooperative movement,” said Barberini.

The state has over 20,000 cooperative societies with 5 million members and a business turnover of Rs 2 lakh crore.

State Cooperation Minister Captain Kanwaljit Singh said that the conference was organised to upgrade the rural cooperative structure to benefit the weaker sections of society.

Highlighting the good repayment structure of the cooperative societies of the farmers, Chief Minister Parkash Singh Badal said the cooperative societies got only 0.75 per cent of the Rs 71,000 crore of the debt relief package, whereas its contribution to the national food basket was 45 per cent.

Besides Punjab, other states like Assam, Meghalaya, Madhya Pradesh and Goa, as well as international delegates are participating in the event.