Odisha

CM Announces Reduction Of Share Linkage Of Cooperative Societies

Bhubaneswar: Chief Minister Naveen Patnaik on Saturday announced the reduction of share linkage of cooperative societies for farmers to avail agricultural term loans from the existing 10 percent to nominal fixed rates.

The share linkage of cooperative societies will now be as follows:

  1. Loan up to Rs 5 lakh – Rs 500
  2. Loan up between Rs 5 lakh to Rs 10 lakh – Rs 750
  3. Loan above Rs 10 lakh and up to Rs 15 lakh – Rs 850
  4. Loan above Rs 15 lakh – Rs 1, 000

The state government has decided that instead of collateral, the asset created or acquired by the term loan may be secured by charge created and hypothecation of the assets.

The cooperative banks have been playing a pivotal role in dispensation of crop loans in the state. The share of cooperative sector is over 65 percent at the national level. The decision regarding reduction of the share linkage of cooperative societies was taken with a view to improve the share of cooperative banks in providing agricultural term loans.

OB Bureau

Recent Posts

‘Par Acting Kaun Karega’: Netizens Take A Dig At Janhvi & Sidharth’s ‘Param Sundari’

Mumbai: Janhvi Kapoor and Sidharth Malhotra will be sharing screen for the first time in…

10 hours ago

Odisha Govt Appoints R Santhanagopalan As Secretary Of SSEPD Dept

Bhubaneswar: The Odisha Government has appointed IAS officer R Santhanagopalan as secretary, Social Security and…

10 hours ago

[Watch] Allu Arjun’s Residence Covered With White Sheets & Curtains Post Vandalisation

Hyderabad: Actor Allu Arjun appeared before the Chikkadpally police on Tuesday morning for questioning in connection with the stampede…

10 hours ago

President Appoints Mizoram Governor Hari Babu Kambhampati As Odisha Governor

Bhubaneswar: Mizoram Governor Dr Hari Babu Kambhampati has been appointed as Governor of Odisha in…

10 hours ago

Netizens Slam Abhijeet Bhattacharya For Indirectly Calling Salman Khan ‘Daarubaaz’

Mumbai: Playback singer Abhijeet Bhattacharya, who has a history of making controversial statements, drew the…

11 hours ago

ECoR To Run Special Trains From Odisha For Maha Kumbh Mela In Prayagraj

Bhubaneswar: The East Coast Railway (ECoR) on Tuesday announced to run 5 pairs of special…

11 hours ago

This website uses cookies.