CM Gives Major Bonanza To The Farmers

Cooperation Department Issues Order To Extend Repayment Of Loan Till July 31, 2016

5 Dariya News

Chandigarh 02-Jul-2016

On directions of Punjab Chief MinisterParkash Singh Badal the Cooperation department has decided to extend the last date for repayment of loan taken by the farmers from Primary Agricultural cooperative Societies and Primary Agricultural Development Banks by one month.Disclosing this here today a spokesperson of the Chief Minister’s Office said that an order to this effect was passed by Registrar, Cooperative Societies, Punjab Mr. Arunjit Singh Miglani, here today. This decision would prove to be a boon for the farmers of state by giving them more time to repay their loans and avoid imposition of penal interest, which would have been levied on farmers who did not repay the loan by June 30, 2016.  As per the orders now these farmers could repay the loan by July 31, 2016.Pertinently, Central Cooperative Banks of the State lend nearly Rs. 6500 crores per crop to the farmers of Punjab as short term crop loan through the Primary Agricultural Cooperative Societies. The Primary Agricultural Development Banks have lent nearly Rs. 2400 crores to the farmers of Punjab as long term credit.The step by the State Government was an important concession to the farmers.  As a result of this extension in time, a large number of farmers would be saved from becoming defaulters and would remain eligible to get loan for the next crop, if they pay the due loan by July 31, 2016.