Bhagwant Mann government provided Loan Relief worth Rs 368 Crore to Defaulters of Cooperative Banks Under the OTS Scheme
Bhagwant Mann government provided Loan Relief worth Rs 368 Crore to Defaulters of Cooperative Banks Under the OTS Scheme
₹160 Crore Allocated for Upgrading Cooperative Banks
Project Launched by Markfed to Construct New Warehouses with a Capacity of 44,910 Metric Tons to Address Storage Issues
Special Initiative by Markfed to Promote Punjab’s Cultural Symbol, ‘Phulkari,’ Through Financial Assistance and Training for Artisans
Chandigarh, December 29:
Under the leadership of Chief Minister Bhagwant Singh Mann, the Punjab Government has taken significant steps in 2024 to strengthen the cooperative sector. These initiatives include providing loan relief to defaulter borrowers, upgrading cooperative banks, addressing storage issues through new warehouse construction, and supporting Punjab’s cultural heritage.
A spokesperson for the Chief Minister’s Office stated that the Chief Minister, who also looking after the Cooperation Department, introduced a One-Time Settlement (OTS) scheme for defaulter borrowers of cooperative banks in 2023. Under this scheme, loan relief of ₹368 crore has been provided to 8,453 defaulters during the financial year 2024-25, with a resolution of loans amounting to ₹150 crore. The scheme will remain operational until February 28, 2025. Punjab has a vast network of 20 Central Cooperative Banks with 803 branches linked to 3,523 Primary Agriculture Societies, supporting over 10.45 lakh farmers. To enhance services, Punjab State Cooperative Bank and Central Cooperative Banks are being upgraded at a cost of ₹160 crore, with the project expected to be completed by June 30, 2025.
The spokesperson further stated that to address storage issues, Markfed has initiated a project to construct new warehouses with a combined capacity of 44,910 metric tons. In 2024, construction of warehouses with a capacity of 25,810 metric tons at three locations has already begun, scheduled for completion by November 30, 2025. An additional 19,100 metric tons of warehouse capacity will soon be constructed. Notably, in the first phase, 79,000 metric tons of the targeted 1.24 lakh metric tons capacity warehouses have already been built, with the remaining 44,910 metric tons of work initiated this year.
To promote Punjab’s cultural symbol, ‘Phulkari,’ Chief Minister Bhagwant Mann has directed Markfed to take special measures to extend its reach both domestically and internationally. Collaborating with the National Institute of Fashion Designing (NIFD), New Delhi, Markfed is providing financial assistance and specialized training to artisans. This initiative aims to revive and celebrate the uniqueness of the traditional Phulkari craft, enhance artisans incomes, and ensure customers receive high-quality products at reasonable prices.
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