Cooperative banks in TN find treasure trove in Rs 1k women honorarium scheme
This infusion of funds will fortify the cooperative banking network whose primary role is to provide credit support to farmers, officials said.
CHENNAI: The “Kalainger Magalir Urimai Thogai” (women honorarium scheme) to be launched today (September 15) may give a significant boost to the financial operations of cooperative banks functioning under the state cooperation department. About 1.06 crore women family heads across the state will get Rs 1,000 per month under the scheme.
Official sources said even if 8% to 10 % of these beneficiaries receive the funds through cooperative banks, the annual transaction volume of these banks will increase by Rs 800 crore to Rs 1,000 crore. This infusion of funds will fortify the cooperative banking network whose primary role is to provide credit support to farmers, officials said.
Currently, about 15 lakh ration card holders have linked their Aadhaar numbers to their accounts maintained at 1,162 branches of state apex cooperative banks, district central cooperative banks, and urban cooperative banks.
“The exact number of our customers selected for the scheme will be known only after a few days. But irrespective of that count, the monthly aid will give a significant boost to our banks and enhance our capacity to lend loans to our customers,” N Subbaiyan, registrar of cooperative societies, told TNIE.
8.4L accounts opened during spl camps
State apex cooperative banks and central cooperative banks have been upgraded to function on a centralised CORE banking system to offer services such as mobile banking, fund transfer through IMPS and RTGS, UPI, online banking and other facilities on a par with nationalised banks, he said.
Originally, the number of ration cards linked to cooperative banks stood at less than eight lakh. A few months ago, ahead of the launch of the “urimai thogai” scheme, a scrutiny of data revealed that Aadhaar of 14.6 lakh ration cards were not linked to any account. During the special camps, cooperation department staff facilitated the opening of new accounts at cooperative banks for 8.4 lakh cardholders.
Others who already had bank accounts were asked to link their Aadhaar numbers. This massive exercise helped to expand the customer base of cooperative banks. The total deposit at cooperative banks stood at Rs 71,955.59 crore during 2022-23 and the highest-ever loan disbursement of Rs 64,140 crore under 17 categories was achieved during the period.
Subbaiyan said, “We have already increased our loan volume to self-help groups and farmers. We are planning to expand banking coverage among people with a target to offer Rs 1 lakh crore loans under various categories. We hope the new scheme will help enhance our deposits and customer base.”
Transaction value may rise by Rs 1k crore
Even if 10% of beneficiaries receive the fund through cooperative banks, the annual transaction volume of banks will go up by Rs 800 crore to Rs 1,000 crore.