CM Sukhu launches 'Sapnon Ka Sanchay' deposit-linked loan scheme of Cooperative Bank

Shimla (Himachal Pradesh) [India], October 20 (ANI): Chief Minister Sukhvinder Singh Sukhu launched the Himachal Pradesh State Cooperative Bank's 'Sapno Ka'Sanchay' Deposit-Linked Loan Scheme at the bank's headquarters on Mall Road here on Friday.
"This initiative is to inculcate financial inclusion among students aged 10 to 18 years and further provide financial assistance for their higher education or startup, entrepreneurial, or livelihood activity on attaining 18 years," according to a press release from the Chief Minister's office.
The initial saving deposit scheme is for all students of this age group. Every year, the savings account balance will shift to a term deposit account and would fetch term deposit interest for the student. ATM Charges shall be waived upto 18 years of age. A loan facility of five times the Term Deposit amount shall be available to the student after turning 18 upto 25 years of age.
Lauding the initiative, the Chief Minister said, "The Sashakt Mahila Rin Yojana run by the bank has also become quite popular. Under this, loans worth about Rs 8.50 crore have been provided to about 4000 beneficiaries."
"The bank has obtained licences from the Reserve Bank of India to open 25 new branches and would increase the number of outlets of the bank to 262. The reliance of the people of the state on the cooperative bank has constantly increased, resulting in the number of customers having crossed the figure of 16 lakh, remarked the Chief Minister. The bank has done a business of Rs. 24000 crore, with a deposit of Rs. 14997 crore and loan disbursements of Rs. 9139 crore," the Chief Minister added.
The Chief Minister also exhorted the bank to make people aware about cybercrime and fraud.
"Chairman State Cooperative Bank, Devendra Shyam, on behalf of the bank, presented a cheque of Rs 4 crore to the Chief Minister towards the Disaster Relief Fund. He also detailed the activities of the bank and said that the bank was working diligently to implement the welfare schemes of the government," the release stated.
Rural Development and Panchayati Raj Minister Anirudh Singh, MLA Harish Janartha, Mayor Municipal Corporation Shimla, Surendra Chauhan, Bank Directors, Managing Director Shravan Manta, General Manager NABARD Dr Vivek Pathania, and other dignitaries were also present on the occasion, amongst others. (ANI)