- March 6, 2024
Himachal Pradesh State Cooperative Bank Expands Reach with New Branches, Loan Schemes, and Recruitment Drive
Himachal Pradesh State Cooperative Bank Expands Reach with New Branches, Loan Schemes, and Recruitment Drive
Himachal Pradesh State Cooperative Bank (HPSCB) is making significant strides to enhance financial inclusion and support various sectors in the state. In a recent virtual ceremony, Chief Minister Thakur Sukhvinder Singh Sukhu inaugurated 22 new branches, launched two innovative loan schemes, and initiated the online recruitment process for 232 clerical positions.
Expanding Banking Network: The new branches, strategically located across Himachal Pradesh, aim to bring banking services closer to the people. This expansion caters to the unbanked and underbanked sections of society, promoting financial literacy and access to crucial financial products.
One-Time Resolution Scheme for Loan Defaulters: Recognizing the challenges faced by borrowers, HPSCB introduced the “One-Time Resolution Scheme.” This scheme offers an opportunity for loan defaulters, whose accounts became non-performing assets (NPAs) by December 31, 2023, to settle their dues through a single payment. As an incentive, a 0.5% additional interest rebate is provided for one-time settlements, encouraging defaulters to improve their financial standing.
Loan Scheme for High-Density Apple Orchards: To modernize apple cultivation and boost production, HPSCB launched a dedicated loan scheme. This scheme offers apple orchardists loans up to Rs. 8 lakh per bigha, with a maximum limit of Rs. 50 lakh. This financial assistance aims to encourage the adoption of new technologies in high-density apple plantations and the cultivation of new, high-yielding apple varieties.
Continued Support for Women and Development: HPSCB’s commitment to empowering women and supporting the state’s development is evident through existing initiatives like the “Sapno Ka Sanchay-Deposit Linked Savings Scheme” and the “Sashakt Mahila Loan Scheme.” The latter scheme has successfully provided loans exceeding Rs. 35 crore to over 16,836 women, fostering their entrepreneurial ventures and financial independence.
These initiatives by HPSCB demonstrate a comprehensive approach to providing accessible banking services, supporting economic development, and empowering various segments of society in Himachal Pradesh.
