Co-op Banks: UP Govt announces loan at 3 per cent

The Uttar Pradesh government has announced that women belonging to the rural areas of the state would get loan at the rate of three per cent from the cooperative banks, Cooperatives minister of UP, Shivpal Singh Yadav said in Lucknow on Monday. However, he failed to describe the economic road-map for the co-op banks to do so.

“With the help of Rashtriya Pichda Varg Vitt Vikas Nigam, UP Cooperative Rural Development Bank Limited will provide loan to rural women at the rate of three per cent under the mahila gramin samriddhi yojna,” the senior Cabinet minister said.

Suddenly the focus for regional development has begun to veer around cooperative banks which both the Centre and the state are seeing as tool to improve the condition of the masses.

Earlier, Narendra Modi the Prime Minister revived many of the sick cooperative banks in the eastern UP and said that a re-invigorated banks would act as vehicle of growth in the region.