Madhya Pradesh: Cooperation and Sports Minister Vishwas Sarang said that cooperative societies have become financially weak due to the fraudulent farm loan waiver implemented by the previous 15-month-old Congress government.
To help the cooperative banks recover, the BJP-led state government provided ₹300 crore, which was distributed among six cooperative banks, with each bank receiving an average of ₹50 crore. This doubled their lending capacity to ₹600 crore.
Sarang was speaking on Wednesday while presenting the two-year achievements of the Cooperation and Sports departments to the media. He said that scams and irregularities by officials have adversely affected farmers. To prevent such problems, the Kisan Nyay Yojana (Farmers’ Justice Scheme) is being launched. Efforts are being made to link Primary Agricultural Credit Societies (PACS) with at least three businesses. A One-Time Settlement (OTS) scheme will be implemented for defaulting farmers.
