Establishing the primacy of co-op institutions in the economic life of the people’s, co-operative credit structure of Gujarat has done a wonderful job by working shoulder to shoulder with the state govt in helping the population affected by the Coronavirus.
Co-op bodies have set a record by sanctioning 56,201 loan cases and Rs 594 crore loans under the Atma nirbhar Gujarat Sahay Yojna, winning words of appreciation from the govt.
Several urban co-operative banks, District co-operative banks and credit co-operative societies of the state are being mentioned for doing an exemplary work in the field of loan disbursal.
Interestingly, these co-operative credit Institutions have accomplished the mammoth task in just 42 working days. Taking into consideration 8 working hours a day, it means 3 loans were sanctioned every minute.
It bears recall that the Govt. of Gujarat had launched Atmanirbhar Gujarat Sahay Yojna for the benefit of the middle class and lower middle-class people, who suffered heavily due to the Corona pandemic. This was reported extensively in these columns.
The scheme provided to grant loans up to Rs 2,50,000 at simple terms without any security. The scheme was meant for the Cooperative sector only.
The cooperative sector, in turn, took the scheme in letter and spirit. Starting from 8 June they started providing loans to the eligible poor and middle class. In 42 working days they went on to grant Rs 594 crore loan amount in 56,201 loan cases.
If a bank works for 8 hours a day and 56,201 cases in just 42 days ,that means these institutions together granted 3 cases every minute. This is unprecedented.
Reacting to the development,the front line cooperative leader from the state who doubles as Nafcub President Jyotindra Mehta said “This sure is a matter of pride for the cooperative sector. This has shown their concern for the poor and middle class and also the promptness, with which they have worked.”
It is not surprising that Rajkot Nagarik Sahakari Bank(with which Mehta is associated) was the frontrunner with 10,104 cases and Rs 106.74 crore. Varachha Coop Bank was in the second position with Rs 43 crore in 5,276 loan cases.