Tripura co-ops get Rs 51-cr Nabard package

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 51.35 crore for recapitalising rural cooperatives in Tripura under the Centre’s revival package for short term cooperative credit structure (STCCS) of cooperatives.

“Tripura has become the first northeastern state to receive the recapitalisation assistance from the Union Government for strengthening of the STCCS. The amount released by Nabard representing the Union Government’s share would help recapitalise 250 Primary Agriculture Cooperative Societies in Tripura,” said a press release by Nabard. Tripura has released its share of Rs 5.71 crore. For revitalising the cooperative credit structure in Tripura, 268 Primary Societies have been covered under the revival package with an assessed recapitalisation support of Rs 79.42 crore. The Tripura government has brought in necessary legal and institutional reforms by amending the Tripura Cooperative Societies Act 1974.

Nabard jointly with the Tripura Government and Tripura State Cooperative Bank, have taken adequate measures to introduce a uniform and simplified accounting and monitoring information system as well as computerisation.

With these financial and other initiatives, the STCCS in Tripura would become financially sound, managerially competent, and professionally oriented to meet the diverse needs of the rural areas, the release pointed out.