District
Co-Operative Central Banks to merge with APEX Bank
Raipur, 11 July 2017
Chief Minister Dr. Raman Singh's State Government has taken a historic and
decisive decision for the benefit of farmers. In a Cabinet meeting presided
over by Dr. Raman Singh at Mantralaya (Mahanadi Bhawan) it was decided to merge
and re-organize all the State's Co-Operative
Banks. All the District Co-Operative Banks will be merged into mega
State Co-Operative Bank -APEX Bank .
Chief Minister Dr.
Raman Singh said that the historic move was taken in the interests of the
farmers. The economic benefits accruing to the farmers will be immense. The
Co-Operatives banks are considered as farmers' banks. Ninety per cent loans are
allocated to the farmers by these banks. The decision was taken keeping in mind
the decisive role played by the banks in distributing loans and payments of
agriculture produce. The small and minor District Co-Operative Banks will be
merged into a State-level Co-Operative Bank.
The 264 branches will be functioning as usual and will provide services
as Scheduled Co-Operative Banks.
Dr. Raman Singh added
that customers and farmers will be benefitted. The interests on loans will be
reduced by 1.5-2 per cent. The State will benefit to the tune of Rs 40 Rs 50
crore. The farmers will get modern high-tech facilities. There will be
expansion of ATMs and micro-ATMs. The farmers can avail of the facilities in
any branch in the State. Mobile Banking and Internet banking will be provided
to the farmers. The working capital after merger will be around Rs 10 thousand
crore. There will be more funds to give loans to farmers. New bank branches
will be opened where there are no facilities at present. There will be faster
disbursement of mid-term and long-term loans to farmers. It may be mentioned
here that four banks had merged into State Bank of India and 05 Regional Rural
Banks merged into Chhattisgarh Grameen Bank recently.
1540/Swarajya/Pradeep
