CHENNAI: The cooperative banks have distributed crop loans to the tune of Rs 10,361 crore till December 31. The target for crop loans for 2022-23 is Rs 12,000 crore, said officials. The cooperative banking sector has a three-tier structure comprising a state-level apex bank, central banks at the district level and primary agricultural credit societies at the village level.
As many as 4,451 Primary Agricultural Cooperative Credit Societies (PACCS), Tamil Nadu Cooperative State Agriculture and Rural Development Bank (TNCSARDBs) and other financial institutions have dispersed the loans to the farmers.
For the year 2011-22, Rs 3,280 crore loans have been distributed to 9.15 lakh farmers. The number of loan beneficiaries increased to 14.84 lakh in 2021-22, registering loans of Rs 10,292 crore, said official documents released by the department recently. The beneficiaries include 2,80,525 new members who joined various cooperative societies.
“In the last ten years, the loan value availed of by farmers increased by nearly Rs 7,000 crore. This is mainly because of interest waived for those farmers who pay the loan amount within the period without any dues,” said an official privy to the matter.