Chandigarh, July 22
Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Tuesday lauded the significant contributions of the National Bank for Agriculture and Rural Development (NABARD) in fostering the growth of Punjab’s agrarian economy.
Speaking at an event organised to celebrate NABARD’s 44th Foundation Day, Finance Minister Harpal Singh Cheema emphasised the institution’s crucial role in empowering the state’s farmers and strengthening its cooperative banking network. He specifically highlighted the low-interest-rate loans provided by NABARD to cooperative banks and societies. He said that these accessible financial resources enable these institutions to, in turn, offer affordable credit to farmers, a cornerstone of agricultural development in the state.
The Finance Minister also underscored the vital role of Multi-Purpose Cooperative Agricultural Service Societies (MPCASS) in the state’s progress. In a testament to the success stories within Punjab’s cooperative sector, Finance Minister Cheema invited representatives from The Lambra Kangri MPCASS Ltd., Hoshiarpur, established in 1920, to share their journey with the attendees. This society’s success served as an inspiring example of effective cooperative functioning.
Addressing the current state of Punjab’s Primary Agricultural Credit Societies (PACS), Finance Minister Harpal Singh Cheema said that out of approximately 3,500 PACS in the state, around 1,800 are currently operating profitably, while others face financial challenges. He urged the farmers of Punjab, who have historically led the nation in agricultural innovation, to focus on strengthening the PACS network across the state.
During the event, Finance Minister Harpal Singh Cheema also distributed awards to outstanding MPCASS in various categories, including The Nurpur Bet MPCASS ltd., Ludhiana, Lambra Kangri MPCASS Ltd., Hoshiarpur, and The Sukhanand MPCASS ltd, Moga as ‘Best MPACS – Non-credit Services during the year’, The Bijapur MPCASS ltd., Ludhiana, The Sammipur MPCASS ltd., Jalandhar, and The Kalyan Sukha MPCASS ltd, Bathinda as ‘Best MPACS – Financial Performance’, and The Sukhanand MPCASS ltd., Moga, The Mehal Gehlan MPCASS ltd., SBS Nagar, and The Gidrani MPCASS ltd., Sangrur as ‘Best New MPACS of the Year – Adoption of Various MoC Initiatives’. He also honoured Kapurthala DCCB, Jalandhar DCCB, Muktsar DCCB, PStCB, RCS, Sangrur Phulkari Producer Company, and Sangrur Agri Grower Producer Company for their outstanding performance.
Prominent among others, the Regional Director, RBI, Vivek Srivastava, CGM, NABARD, Punjab, VK Arya, CGM, NABARD, Haryana, Nivedita Tiwari, Chairman, PSCB, Jagdev Singh, and MD, PSCB, Harjeet Singh Sandhu, were also present on this occasion.
