State Government will cover the overdue principal amount after the banks waive the interest arrears on the loans of cooperative lift irrigation institutions: Ajit Pawar
Deputy CM Ajit Pawar’s directives to bring the proposal before the state cabinet for approval
Mumbai: Deputy Chief Minister Ajit Pawar stated that after the concerned district and nationalized banks waive the entire amount of interest arrears on the loans of cooperative lift irrigation institutions in the state, the overdue principal amount will be borne by the Maharashtra government. The state government will cover the entire overdue principal of closed and liquidated institutions, and half of the overdue principal of active institutions. The decision was taken on Wednesday in a meeting held at the Ministry under the chairmanship of Ajit Pawar. In the meeting, it was also decided to bring the related proposal before the cabinet for approval.
This decision will benefit 40,245 members of 245 institutions in the state, directly and indirectly, and will also open up avenues for farmers to obtain new crop loans.
A meeting was held at the Mantralaya regarding the demand of local MLA Manasingrao Naik to waive the overdue loans of cooperative lift irrigation institutions in Sangli district.
The meeting was attended by Cooperative Minister Dilip Walse Patil, MLA Manasingrao Naik, Additional Chief Secretary of the Planning Department Rajgopal Deora, Principal Secretary of the Finance Department Saurabh Vijay, Joint Secretary of the Cooperation Department Santosh Patil, and other dignitaries. Cooperative Commissioner Deepak Taware joined the meeting from Pune, while Shivajirao Wagh, Managing Director of Sangli District Central Bank, participated from Sangli via video conferencing.
Pawar instructed that cooperative lift irrigation schemes play an important role in the agricultural development of the state, and the government has provided assistance to these institutions from time to time. 40,245 members of 245 institutions in the state are beneficiaries of these schemes. Over time, some cooperative lift irrigation institutions have closed down, some have gone into liquidation, but many institutions are still bringing positive changes to the lives of farmers. There is a need to take concrete decisions to resolve the issue of overdue loans of banks to closed, liquidated, and active cooperative lift irrigation institutions. The district and nationalized banks have shown readiness to waive the amount of interest arrears on the loans of cooperative lift irrigation institutions in the state. If they waive the entire interest arrears, the remaining overdue principal amount should be paid by the state government. The state government will cover the entire overdue principal of closed and liquidated institutions, and half of the overdue principal of active institutions.
The decision will benefit the cooperative lift irrigation institutions in the state and their members who have overdue bank loans.
