SRINAGAR: The Department of Cooperatives has disbursed short term credit of Rs 20.32 crore through cooperative banks in favour of 5545 beneficiaries during the last fiscal with an aim “to give a flip to economic conditions of weaker and downtrodden sections”.
This was stated by the Minister for Cooperatives and Ladakh Affairs Chering Dorjay while reviewing the functioning of the department in a meeting he chaired here Monday.
According to an official press note, he said the department “by revamping the functioning of Cooperative Super Markets” in Srinagar and Jammu cities has “transformed them into revenue generating units” for the department besides “providing goods to the public at cheaper rates”.
It read that Super Bazar Jammu has generated business to the tune of Rs 12.10 crore, thereby yielding a net profit of Rs 9.50 lakh by the end of the 2016-17.
“In Srinagar Super Bazar, the business also touched a record high of Rs 7.41 crore with a net profit of Rs 1.47 lakh,” Dorjay said.
“Under fertilizers category, the department also disbursed Rs 82 crore among 5545 beneficiaries through Primary Agricultural Cooperative Societies (PACS) and Consumer Marketing Societies (CMS),” it further read.
Rs 45.00 lakh have also been disbursed under Assistance Managerial Subsidy among 477 eligible Cooperative Societies for subsidizing the management cost of the Cooperative Marketing Societies/Primary Agriculture Cooperative Societies, noted the handout.
“The aim of the subsidy is to boost the morale of members of Cooperative Institutions and also to improve their working standard,” it read.
An amount of Rs 84.67 lakh was disbursed among 483 Cooperative Societies under Special Assistance to augment the working capital of the performing and functional CMS/PACS/DCS.
“Work on the construction of 1000 MT capacity fertilizers godown at Thandapani in Nowshera has been restarted and Rs 48.53 lakhs have been released for completion of the project,” Dorjay said.
“The project will be completed at the cost of Rs 1.26 crore,” Dorjay added while detailing the infra upgradation of the cooperatives.
He said “a Kisan Ghar is coming up at Wahipora Tangmarg under RKVY at the estimated cost of Rs 1.12 crore and, so far, Rs 72.74 lakh have been spent” on it.
The minister said recapitalization of three unlicensed District Central Cooperative Banks viz-a-viz Anantnag Central Cooperative Bank, Baramulla Central Cooperative Bank, and Jammu Central Cooperative Bank was under process.