Update on cooperative banks: The government intends to establish Direct Bank Transfer connections with all of the nation’s current cooperative banks (DBT). The citizens in the nation who make use of government programs will gain from this government action.
Cooperative Banks Update: The government is always taking welfare measures for the citizens of the nation. As a result, all government programs will now be available to cooperative bank customers. A proposal to link cooperative banks with Direct Bank Transfer is in place for this (DBT). This was recently said by Union Cooperation Minister Amit Shah during a video conference speech.
Beneficiaries are currently receiving benefits from 300 programs managed by 52 government ministries through DBT. All of these programs are now available to cooperative bank customers. The Union Minister claimed that the banking industry had seen significant development. As a result, the country’s population is benefiting from financial services.
According to him, the Jan Dhan Yojana is to thank for the one trillion dollar increase in digital transactions as well as the opening of 450 million new bank accounts. The Rupay debit card has similarly benefited 32 crore people. Because of Prime Minister Modi’s “Sankalp to Prosperity from Cooperation,” all of this has taken place. According to the minister of cooperation, the cooperative industry will be crucial to the nation’s prosperity and economic advancement. One trillion dollars have been transacted digitally in the millions of new accounts registered under the PM Jan Dhan Yojana. Compared to the digital transactions of the years 2017–2018, these have multiplied by 50.
Amit Shah, the minister of cooperation, on the other hand, officially opened the ministry’s new office at the CGO Complex on Thursday. The national capital’s Krishi Bhawan served as the office for the cooperative ministry, which was established in July of last year. The Ministry of Cooperation’s first minister is Shah. BL Verma holds the position of Minister of State concurrently. The government had stated in its announcement of the ministry’s establishment that it would endeavor to simplify procedures for cooperatives’ “ease of doing business” and promote the growth of multi-state cooperatives (MSCS).
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According to Amit Shah, the farm bank has demonstrated its worth on each of the criteria for banking established by the RBI and NABARD. Prior to now, the bank offered loans with interest rates ranging from 12 to 15 percent, but those rates are now only 10 percent. Additionally, beneficiaries who repay the loan on time receive a 2 percent discount.
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