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The Central government will soon permit cooperative banks to implement government schemes using Direct Benefit Transfer (DBT), said Union Minister for Co-operatives Amit Shah Tuesday.
“Currently, 52 ministries and 300 government schemes use DBT to send money directly to beneficiaries. I want to tell all the cooperative leaders sitting here (at the venue) that in a short time, banks operating in the cooperative sector will be allowed to enter all these schemes. This will increase your exposure with the common man. Currently, cooperative sector banks are not allowed the entry,” Shah said while virtually addressing the 70th Annual General Meeting of the Gujarat State Cooperative Agriculture and Rural Development Bank Ltd, popularly known as Kheti Bank.
DBT was started in January 2013 to reform the government delivery system for simpler and faster flow of funds to the targeted beneficiaries.
Speaking in Gujarati, Shah also praised Kheti Bank for its financial performance. He said the bank, set up in 1951, currently has more than 3 lakh farmers as its members. “The CRAR (Capital to Risk weighted Assets Ratio) of the bank stands at 75.10 per cent which is highest among all the Krushi banks in the country,” Shah told the gathering where state BJP President CR Paatil was also present. CRAR measures a bank’s capital in relation to its risk-weighted assets.
Paatil elaborated on how the BJP has wrested control of the cooperative sector in Gujarat. “Of the 360 major cooperative bodies in Gujarat, leaders of the BJP rule over 311 of them,” he said, asking cooperatives leaders present at the gathering to fulfil the demands of the people.
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