Odisha Chief Minister Mohan Charan Majhi has officially launched the process of refunding the deposits of account holders of the Bhubaneswar Urban Cooperative Bank. On the first day of the initiative, a total of Rs 2.80 crore was refunded to 117 depositors.
The state government has also announced that similar refunds will soon be initiated for depositors of Dhenkanal, Chhatrapur, Aska, and Bhanjanagar Urban Cooperative Banks. In total, more than Rs 6 crore will be returned to 17,859 depositors across these four banks.
Highlighting the state’s commitment to strengthening the cooperative movement, CM Majhi mentioned that nearly 50 lakh farmers in Odisha are associated with cooperative initiatives.
The government aims to connect all farmers with the cooperative system by 2036.
To achieve this, the government plans to establish one PACS (Primary Agricultural Credit Society) or LAMPCS in every panchayat of the state. Furthermore, each newly formed PACS will receive a seed money grant of ?5 lakh to support their operations.
On this occasion, a Memorandum of Understanding (MoU) was also signed between the Odisha Government and the Institute of Rural Management Anand (IRMA) under Tribhuvan Cooperative University, Gujarat. This partnership will serve as a knowledge partner to strengthen and improve the management of cooperative institutions in Odisha.
Good effort