JOIN US The government will deposit grants meant for its various schemes in Karnataka State Cooperative Apex Bank (KSCAB) and its units till its utilisation, Chief Minister Siddaramaiah announced on Sunday.
Speaking at a function in Bengaluru to mark the centenary year celebrations of KSCAB, Siddaramaiah said a circular to give primacy to Apex Bank while depositing government grants will be issued soon.
He said the government was providing short term agricultural loans up to Rs 3 lakh at zero per cent interest and medium-term and long-term agricultural loans up to Rs 10 lakh at 3% interest through cooperative institutions. Siddaramaiah said Primary Agricultural Credit Co-operative Societies in the state will be computerised in a phased manner during the next three years. A special grant of Rs 1 crore will be provided to rejuvenate and strengthen the country’s first Agricultural Co-operative Society at Kanaginahal in Gadag district, he said.
Rural Development and Panchayat Raj Minister H K Patil said the Centre’s direction to financial institutions that Statutory Liquidity Ratio (SLR) holdings be deposited only in nationalised banks was a retrograde step. At least 25 per cent of the holdings should be allowed to be deposited in cooperative institutions, he said.