BHUBANESWAR: The State Government plans to construct multi-utility chambers in 586 Primary Agriculture Cooperative Society (PACS)/Large Area Multi-purpose Cooperative Society (LAMPS) in 26 districts covering 16 Central Cooperative Banks.
While an estimated `65 lakh would be spent for each multi-utility chamber, the funds would be sourced from National Cooperative Development Corporation (NCDC) under Government guarantee.
“This is a direct-funded scheme and has received in-principle approval of the Government. It will be implemented through the respective Central Cooperative Bank in the districts,” said a Cooperation department official.
The funding pattern will be in the ratio of 65:20:15. While 65 pc of the estimate will be availed as loan and 20 pc as subsidy, the rest 15 pc will be beneficiary contribution. Lending to district central cooperative bank by NCDC will be made at about 11.45 pc.
Repayment period will be eight years, including one year moratorium, in half yearly mode. The effective rate of interest will be around five pc and the interest will be paid during moratorium period.
The executive officers of all district central cooperative banks have been sent a sketch map and design of the structure (proto-type) along with a list of selected PACS/IAMPS functioning under their respective administrative control for taking necessary action.
They have been asked to furnish audited financial statement of the last three years of their respective banks and a copy of Board Resolution indicating willingness of the bank to function as Project Implementing Agency.
This apart, they have been instructed to obtain Board Resolution from PACS/LAMPS concerned which should contain willingness of the Board concerned to avail loan for construction of muli-utility chamber.
While 324 PACS/LAMPS will be taken up in the first phase, 148 have been selected for second phase and 114 in third phase.