Credit limit for multipurpose primary rural coop societies raised to ₹15 lakh: UP CM Yogi

Chief Minister Yogi Adityanath on Friday announced an increase in the credit limit for multipurpose primary rural cooperative societies from ₹10 lakh to ₹15 lakh to provide more financial support to farmers, according to an official statement.

Speaking at the 61st annual meeting of UP Cooperative Banks, he also announced the launch of cooperative banking in Balrampur district, the statement said.

"Cooperative banks are the backbone of the economic growth of farmers, young entrepreneurs, and MSMEs," the CM said at the Indira Gandhi Pratishthan.

He urged cooperative banks to actively support young entrepreneurs. He highlighted that over 32,000 youths have already been linked to the Mukhyamantri Yuva Udyami Vikas Abhiyan and encouraged cooperative banks to help beneficiaries grow financially.

Expressing satisfaction over the progress of cooperative banks, the CM noted that in 2017, the credit-deposit (CD) ratio of Uttar Pradesh Cooperative Banks was 44%, which has now increased to 61%.

"The net profit of these banks has reached ₹100 crore, a result of the government's transparent policies and better management," he said.

Adityanath criticised previous governments for turning cooperatives into centres of personal gain, which led to hardships for farmers and the confiscation of 16 bank licences.

However, he credited Prime Minister Narendra Modi with reviving the cooperative sector by establishing a dedicated ministry.

"Today, 49 out of 50 cooperative banks are profitable," he stated.

He also assured that fertiliser needs would be met through B-PACS and cooperatives while cracking down on black marketing to ensure farmers get fertilisers at fair prices.

During the event, the CM distributed cheques to beneficiaries of the MYUVA and honoured top-performing officials from district cooperative banks. He also launched a magazine focused on preventing bank fraud to ensure safer and more transparent banking practices.

CM Yogi emphasised that the expansion and strengthening of cooperative banks would boost Uttar Pradesh's economy. "Small enterprises are the foundation of any economy, and cooperatives are the most effective way to strengthen them," he said.

He made an appeal to cooperative banks to adopt new technology to enhance transparency, stating, "The more transparency we have, the better our work will be."

He also highlighted the need to extend cooperative banking services to farmers, youth, women, and the most underserved sections of society.