Chandigarh, November 20
Persistent efforts of Cooperation Minister Sukhjinder Singh Randhawa led to sanction of financial assistance to the tune of Rs. 750 Cr from NABARD to the Punjab State Cooperative Agriculture Development Bank (PSCADB).
Expressing gratitude to the Chairman NABARD GR Chintala, Sukhjinder Singh Randhawa said that the financial bailout worth Rs. 750 crore for PADB under Special Liquidity Facility (SLF) would be utilised for repayment of high cost current liabilities and for front loading of fresh lending. The financial assistance sanctioned by NABARD would go a long way for giving impetus to the State Cooperative Institutions which are currently facing acute financial crisis amid Covid-19 pandemic.
S. Randhawa also extended an invite to the Chairman to visit Punjab for further exploring ways and means to create synergy between the Cooperative department and NABARD to bring far more efficiency in its working.
Pointing out further the Cooperation Minister said that out of the total financial assistance worth Rs. 750 crore, Rs. 400 crore would be spent for repayment of high cost current liabilities of PSCADB and Rs. 350 crore towards front loading for fresh lending.
Notably, the NABARD has sanctioned the aforesaid financial assistance to PSCADB following detailed deliberations with its Chairman GR Chintala by a delegation led by Cooperation Minister at Mumbai on November 11, 2020 including Registrar Cooperative Societies Vikas Garg and MD PSCADB Charandev Singh Maan.