Cooperative Banks Update: According to Union Cooperative Minister Amit Shah, users of cooperative banks will soon be connected to Direct Benefit Transfer (DBT) in order to get the advantages of government welfare programmes. In other words, they will now also benefit from all government welfare programmes.
Cooperative Banks Update: Customers of cooperative banks will now be eligible for all government welfare programmes. Cooperative banks will be connected to Direct Bank Transfer for this (DBT). Amit Shah, the minister of union cooperation, made this statement while participating in a video conference. Currently, DBT is used to distribute the benefits of 300 government programmes managed by 52 different ministries, meaning that consumers of cooperative banks will now benefit from all of these programmes.
Amit Shah provided important details.
According to Amit Shah, the banking industry has significantly improved from the previous time. As a result, the nation’s residents are benefiting from financial services. In addition to this, the Jan Dhan Yojana has opened bank accounts for 45 crore new customers. These 32 crore individuals have also benefited from the RuPay debit card. According to Amit Shah, PM Modi’s “Sankalp from Sahakar to Prosperity” is to blame for everything that has occurred.
According to Amit Shah, the cooperative sector will significantly contribute to the country’s wealth and economic development. Countless new accounts opened under the PM Jan Dhan Yojana have had digital transactions totaling one trillion dollars. There has been a 50-fold growth in digital transactions since the digital transactions of the years 2017–18. Cooperative banks’ integration with DBT will boost their connectivity with citizens and strengthen the cooperative sector.
Kheti Bank has performed admirably.
While congratulating the Gujarat State Co-operative Agriculture and Rural Development Bank, also known as Kheti Bank, on entering its 71st year, the Union Minister mentioned the bank. It was greatly helped by this bank in escaping the grasp of moneylenders.
Easy to obtain a loan
According to Amit Shah, the farm bank has proven itself in accordance with all of the criteria established for banking by the RBI and NABARD. The bank used to offer the loan at a rate of 12 to 15 percent, but it is currently only 10 percent. Additionally, beneficiaries who repay the loan receive a two percent discount.
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