RBI to supply Rs.65 to 70 crore to DCCBs daily to meet Farmers Requirement

Taking forward the directions of Chief Minister Naveen Pattaniak for improving liquidity level of the District Central Cooperative Banks (DCCBs), Development Commissioner R. Balakrishnan reviewed the progress today in a high level meeting held in secretariat conference hall wherein Principal Secretary Cooperation Manoj Ahuja outlined the issues for discussion.

Taking stock of the situation Development Commissioner advised the Reserve Bank of India officers present in the meeting to supply more currency to the DCCBs.

It was decided that RBI would supply around Rs. 65 to 70 crore of currency to DCCBs on daily basis to meet the requirement of farmers with regard to crop loan, paddy procurement proceeds and crop insurance claim and would cater to the immediate needs of the famers.

Development Commissioner Balakrishnan further directed to constitute a Whatsapp group among the senior officers from RBI, SBI, State Cooperative Bank, Principal Secretary Cooperation and Director, Institutional Finance for instant transfer of the messages and their resolution. This would provide for real time monitoring of the ground level situation about availability of currency in the banks.

DCCBs in Odisha advance near about 65% of the crop loans against the national average of 16%. This year target has been fixed to advance Rs.5000 crore of crop loan to the farmers during the current Rabi season. In addition to that Rs.1776 crore have been disbursed through cooperative banks to the farmers towards insurance claim of Kharif crop. Apart from that around Rs.100 crore daily are being disbursed to the farmers accounts towards paddy procurement proceeds.