Harco To Raise Crop Loans

The Haryana State Cooperative Apex Bank (Harco) has decided to provide Rs 979 crore as crop loans to the farmers during the current financial year, up from Rs 855.20 crore provided during the previous year.

The state cooperation minister Narbir Singh said the crop loan being provided by the harco bank has increased by 17 per cent.

The deposits of the bank have also substantially increased - from Rs 346.28 crores during 1995-96 to Rs 435.73 crores during 1996-97, an increase of 25.83 per cent. The bank has fixed a target of Rs 525 crores for deposits during the current financial year.

According to the minister, the bank will disburse total loans of Rs 1328 crores during the current financial year.

The bank also achieved recovery of 98.74 per cent during the previous year. The minister has directed the bank officers to achieve hundred per cent recovery during this year.

During 1996-97, the bank earned a profit of Rs 21.85 crores, up from Rs 18.85 crores earned during the previous year.

In a statement, Narbir Singh disclosed that all the cooperative banks in the state would be computerised by the end of the year. The bank proposes to start computerisation for customer services to begin with.

The minister has also called upon Nabard to expedite speedily the pending cases under the non-farm financial schemes. He has also appealed to Nabard to enhance its limit of credit for raising crops from Rs 519.25 crores to Rs 600 crores.