Loans to be provided at subsidized rates through Co-operative banks : Sukhu

Much focus is being laid on the digitization of various banking services to facilitate consumers. Banks are being equipped with digital technology for providing facilities to its customers.  Major reforms will be implemented in the next six months to enhance the functioning of the State cooperative banks. People in Himachal Pradesh trust these banks and utilize the banking facilities to support their livelihood, said Chief Minister, Thakur Sukhvinder Singh Sukhu.

The Chief Minister said that the State Government was committed to strengthen the Co-operative banks in the State by providing all possible assistance so that they can provide the best banking services to the consumers.

Banks play an important role in strengthening the backbone of the economy as it offers a wide range of banking services to the public, farmers, entrepreneurs and businesspersons etc. who contribute significantly to the development of the state.  Innovative digital adaptation of these services had benefitted consumers in the large, especially rural populace. Direct Benefit Transfer and online banking have made life easy for the public saving time and money, he said 

He said that the State Government has launched several schemes for the welfare of the different sections of the society.  A scheme is being formulated to provide loans up to Rs. 20 lakh at the rate of one percent interest to poor students for higher education so that no one is deprived of education due to a lack of resources. Apart from this, taxi operators will be issued permits to run e-taxi in the coming time. The Government will provide a 50 percent subsidy on the purchase of e-taxi, e-bus and e-truck, he said, adding that loans will be provided at subsidized rates to the needy in coming times. The cooperative banks of the State will have a major role to play in this endeavour of the State Government, said he.

The State Government will also provide 40 percent financial assistance to set up solar power projects ranging from 250 KW to 2 MW and the electricity generated would be purchased by the Himachal Pradesh Electricity Board Ltd. Banks will liberally provide loans in these schemes as the sovereign guarantee of these loans will be provided by the State Government. The State Government has decided to make the Co-operative Bank a prime bank for the scheme of setting up solar energy projects in the State, said the Chief Minister

About 90 percent of the population of the State lives in rural regions and their participation in the all-round development of the state is necessary. Thus, the cooperative banks have been asked to come forward to provide liberal loans to the farmers to strengthen the economic condition of the rural population.

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