Distribution of welfare pensions, Government to borrow Rs 2000 crore from cooperative banks

Thiruvananthapuram: Government to borrow Rs 2000 crore from cooperative banks. To find money for welfare pension. The money will be raised through a consortium of primary cooperatives and banks. The loan is taken by a company formed by the government for welfare pension. Mannarkkad Rural Cooperative Bank is the fund manager. The interest is 9.1 percent.

More than 4000 crore rupees purchased earlier are to be paid to the co-operative banks. Although the loan is for a period of one year, the matured loan has not yet been repaid. The term has been extended by one year by paying interest only. This is the third time in a year and a half that the government is approaching cooperative banks for the same purpose.

Around Rs 24,000 crores of new investment came in cooperative societies and banks in the investment mobilization campaign conducted earlier this year. This is the hope of the government. It was decided to collect 2000 crores first and then 1500 crores last year. However, even 500 crore rupees could not be found for the second time.