Union Minister Amit Shah on Tuesday introduced that cooperative sector banks will quickly be given permission to implement authorities welfare schemes, which use the trinity of Jan Dhan-Aadhaar-Mobile (JAM) for direct profit switch (DBT).
JAM is the Centre’s initiative to hyperlink Jan Dhan accounts, cellular numbers and Aadhaar playing cards to plug leakages of presidency subsidies.
At current, 52 ministries use DBT with the assistance of JAM to supply help to beneficiaries underneath 300 authorities schemes, Shah stated whereas nearly addressing the seventieth annual basic assembly of Ahmedabad-headquartered Gujarat State Co-operative Agriculture and Rural Development Bank Ltd, popularly generally known as Kheti Bank.
“Very soon, the cooperative sector will enter these government schemes, which will increase our direct contact with the common man. The cooperative sector has been kept away from JAM DBT schemes. But the Centre has now decided to allow the cooperative banks to implement these government schemes,” the Union minister of cooperation stated.
Shah praised Kheti Bank’s administration, particularly its chairman Dollarrai Kotecha, for recovering Rs 190 crore from mortgage defaulters final 12 months.
“Kheti Bank contributed immensely in developing Gujarat’s agricultural sector. It provides long and medium-term agri loans to farmers. The bank also provides loans for dairies, cottage industry and for self-employment. Till now, it has disbursed loans of Rs 4,543 crore to nearly 8.42 lakh farmers,” he stated.
The financial institution got here into existence in 1951 underneath the management of the then ruler of Porbandar princely state, Udaybhansinhji.
The predominant goal of the financial institution was to supply loans to farmers to purchase agricultural land from the erstwhile rulers following the combination of princely states into the Union of India after Independence, Shah stated, including that almost 56,000 farmers grew to become land house owners with the assistance of loans given by the financial institution on the time.
Source: www.financialexpress.com”