Tamil Nadu - Erode   

Gold loan scheme doing well in Erode

By Our Staff Reporter

ERODE, FEB.10. Agriculture Gold Loan is gaining currency in the district and within 15 days of its launch Rs 30 lakhs has been advanced by the cooperative banks to 170 farmers, said the Special Officer-cum-Managing Director of Erode District Central Cooperative Bank, K.M. Velliangiri today. He said the new loan was introduced 15 days back in Tamil Nadu by the Cooperative Department and the farmers, after getting details of their lands from the local VAO, could pledge their jewels in the cooperative banks for agricultural operations. Interest would be charged at nine per cent a year.

The Special Officer said that the jewel loan was also availed of by several people with 11 per cent interest per year. He said it was proposed to advance Rs 150 crores as jewel loan during this financial year and as on date Rs 130 crore had been advanced.

Recovery promising

He said the 2100 self-help groups were provided with a loan of Rs 11 crores and the recovery percentage was very encouraging with 95 per cent. He said before the end of March, they would advance Rs 2 crores more to the SHGs.

Out of 222 Primary Agricultural Cooperative Banks (PACB) in the district, 35 are in the red as they were running into a loss. Under the Liquidity Refinance scheme the NABARD has granted Rs 17.60 crores to the district and the fund was granted to such weak PACBs.

He said the Central Cooperative Bank has advanced Rs 2 crores to 3,500 women as micro-credit for engaging in trade. Similarly 37,250 persons were provided LPG loans amounting to Rs 11.25 crores, of which as on date Rs 9 crores had been collected and steps were taken to collect the balance. The non-farm sector loan of Rs 11 crores has been advanced for the construction of houses, purchase of household articles etc.

He said steps were taken to computerise all the 29 branches of the Cooperative Central bank and as on date the head office branch, Perundurai, Gobichettipalayam and Kangeyam had been computerised.

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