Bhubaneswar: The Odisha Government on Monday started returning depositors’ money of Bhubaneswar Urban Co-operative Bank, which faced closure due to mismanagement in 2015. On the first day of the process, Rs 2.8 crore was returned to 117 depositors.
Chief Minister Mohan Charan Majhi launched the disbursal process at Lok Seva Bhawan on the occasion of the birth anniversary of Utkal Gaurab Madhusudan Das, a pioneer of the cooperative movement in Odisha, The CM symbolically handed over cheques to eight depositors at the event.
Officials said Rs 20.96 crore will be returned to 9,537 depositors of the Bhubaneswar Urban Co-operative Bank. At the time of closure, 11,673 depositors were entitled to recover Rs 33.87 crore. Prior to today’s disbursal, Rs 12.78 crore had already been refunded to 2,709 depositors with deposits of less than Rs 1 lakh.
The current phase of disbursement targets depositors with amounts exceeding Rs 1 lakh.
The state government has also decided to initiate the return of money to depositors of Dhenkanal, Chhatrapur, Aska and Bhanjanagar Uaban Cooperative Banks. Over ₹6 crore will be refunded to 17,859 depositors across these banks.
Speaking at the event, the Chief Minister highlighted around 50 lakh farmers in Odisha have already been connected to the cooperative movement. The Government aims to link all farmers to the cooperative framework by 2036. He further informed Primary Agricultural Credit Societies (PACS) and Large Area Multi-Purpose Cooperative Societies (LAMPCS) will be established in every panchayat. Currently, there are 2,711 PACS in the State, with an additional 1,542 newly formed. Each new PACS will receive Rs 5 lakh in seed funding.
During the event, an MoU was signed between the Odisha Government and IRMA School, with IRMA designated as a knowledge partner to help strengthen cooperative institutions in the State.
Cooperation Minister Pradeep Balasamanta and Cooperation Secretary Rajesh Prabhakar Patil also attended the event.
