Yogi Adityanath Elevates Cooperative Banks to Propel Rural Growth

Chief Minister Yogi Adityanath announced increasing the credit limit for rural cooperative societies to support farmers and launched cooperative banking in Balrampur. Highlighting improvements in credit-deposit ratios and profits, he urged banks to empower entrepreneurs and extend services to underserved communities for economic growth.

Chief Minister Yogi Adityanath on Friday declared a boost in the financial capabilities of multipurpose primary rural cooperative societies by increasing their credit limit from Rs 10 lakh to Rs 15 lakh. This announcement aims to provide substantial financial backing to Uttar Pradesh farmers, according to an official statement.

Addressing the 61st annual meeting of UP Cooperative Banks, Adityanath also revealed the initiation of cooperative banking services in the Balrampur district. He affirmed cooperative banks as pivotal to the economic advancement of farmers, young entrepreneurs, and MSMEs during the event at the Indira Gandhi Pratishthan.

The Chief Minister drew attention to the remarkable progress of cooperative banks, noting a rise in the credit-deposit (CD) ratio from 44% in 2017 to 61% now, with net profits soaring to Rs 100 crore due to transparent policies. Adityanath urged the adoption of new technologies by cooperative banks to enhance transparency and provide services to underserved communities.

(With inputs from agencies.)