Cooperative banking can be said to the jugular vein of rural credit. The stronger it is, better it is for the rural economy. In a historic feat, Rajasthan is going to become first State in the country where discrimination taking place with farmers in cooperative crop loan disbursement has been stopped. It’s been learnt that in merely one year, more than 8 lakh farmers have been linked with crop loan system with the process of cooperative crop loan online disbursement and has disbursed cooperative crop loan of approximately Rs 1,800 crore to 7 lakh farmers.
This is by no means a small step. Rajasthan has a history of traditional money lenders having strong roots in rural economy and with better and transparent system, state’s cooperative structure has been able to give benefit to so many farmers speaks about the way system has been working in the state in last one year. Getting the farmers into the organized financial loan structure is the main big achievement for the Gehlot government.
The directions of ending the discrimination in cooperative crop loan disbursement had directly come from the top from the chief minister Gehlot after which a uniform and transparent system was developed. The change which the rural finance structure is seeing is thanks to this initiative of Ashok Gehlot , opine the sources.
So far more than 21 lakh farmers have been linked to cooperative crop loan in the State including by linking 8 lakh new farmers and they have got crop loan of more than 8,244 crore. This is no mean figure. The success of this system will surely encourage other farmers who are yet to come under the ambit of cooperative banks to shun the money lenders and take assistance from the cooperative banks of the state.
There is already system of biometric verification in crop loan disbursement where in eligible farmers are getting linked and ineligible farmers are kept away.