TN govt: Demonetisation to hit crop loan target and affect the food production

The FD receipts of these credit socities stood at a little over Rs 54,000 crore but the demonetisation has resulted in them unable to receive new deposits, “affecting their commercial growth,” besides causing hardships to rural poor.

Many services like provision of seeds and receiving premium on crop loans in over 4300 primary cooperative credit socities were affected even as cash transactions in both these societies as well as Central Cooperative banks (CCBs) were not happening following an RBI notification in this regard, it said.

“Because of this, 23 district CCBs and 813 of their branches and lakhs of their customers have been affected.

(Sourced from agencies, feature image courtesy:careerindia.com)