Call for ‘quality loans’ to the needy

The Rajasthan Government’s Cooperative Department on Tuesday asked the cooperative banks in the State to disburse “quality loans” to the needy people and ensure their repayment on time, besides monitoring their utilisation.

State Principal Cooperative Secretary R. K. Meena said at a meeting, held through video conferencing, with the chief executive officers of cooperative banks here that the banks were expected to work with a greater coordination and sensitivity after the appointment of elected Boards of Directors.

Mr. Meena said the Managing Directors of the banks concerned would be held responsible for misuse of loans or failure of realisation. Registrar of Cooperative Societies Mukesh Sharma accompanied Mr. Meena at the video conferencing.

The Principal Secretary gave instructions to the cooperative banks to conduct physical verification of loans by January 21 and achieve the targets set for establishment and financing of self-help groups in the scheduled time-frame.

Mr. Meena pointed out that the funds received under the Vaidyanathan package, which had been transferred to the cooperative societies, should be utilised for expansion of their business activities.

While Apex Bank Managing Director Avinash Ranvah said the cooperative societies had received the first instalment of Rs.100 crore, State Cooperative Land Development Bank Managing Director R. C. Sharma asked for early submission of proposals for waiver of loans.