CM launches ‘Sapnon Ka Sanchay’-Deposit Linked Loan Scheme of Cooperative Bank

Shimla (QNN)

Chief Minister Thakur Sukhvinder Singh Sukhu launched the ambitious scheme of the Himachal Pradesh State Cooperative Bank, ‘Sapno Ka Sanchay– Deposit Linked Loan Scheme’ at the bank’s headquarters on the Mall Road, here today.

This initiative is to inculcate financial inclusion among students aged 10 to 18 years and further provide financial assistance for their higher education or startup, entrepreneurial or livelihood activity on attaining 18 years.

The initial saving deposit scheme is for all students of this age group. Every year the savings account balance will shift to a Term Deposit account and would fetch Term Deposit Interest for the student. ATM Charges shall be waived upto 18 years of age. Loan facility of five times the Term Deposit amount, shall be available to the student after turning 18 upto 25 years of age.

Lauding the initiative, the Chief Minister said that the Sashakt Mahila Rin Yojana run by the bank has also become quite popular. Under this, loans worth about Rs. 8.50 crore have been provided to about 4000 beneficiaries. The bank has obtained licenses from the Reserve Bank of India to open 25 new branches and would increase the number of outlets of the bank to 262. The reliance of the people of the state on the cooperative bank has constantly increased, resulting in the number of customers having crossed the figure of 16 lakh, remarked the Chief Minister. The bank has done a business of Rs. 24000 crore, with deposit of Rs. 14997 crore and loan disbursement of Rs. 9139 crore.

The Chief Minister also exhorted the bank to make people aware about cyber crime and frauds.

Chairman State Cooperative Bank, Devendra Shyam on behalf of the bank presented a cheque of rupees four crore to the Chief Minister towards the Disaster Relief Fund. He also detailed the activities of the bank and said that the bank was working diligently to implement the welfare schemes of the government.

Rural Development and Panchayati Raj Minister Anirudh Singh, MLA, Harish Janartha, Mayor Municipal Corporation Shimla, Surendra Chauhan, Bank Directors, Managing Director, Shravan Manta, General Manager NABARD Dr. Vivek Pathania and other dignitaries were also present on the occasion amongst others.