The Hindu Business Line : AP expects Rs 2,473-cr package for farm co-ops

Hyderabad, Aug. 7 Andhra Pradesh, the first State to enter into an agreement with the Centre and Nabard on implementing Prof A. Vaidyanathan Committee recommendations, would cover 1,506 PACS (primary agricultural credit societies) in the first phase.

In the second phase, the Government would cover 1,100 PACS, Mr Fareeduddin Mohammed, Minister for Cooperation, said.

Addressing a press conference here on Tuesday, he said the State expected a Rs 2,473-crore package to revive the ailing co-operatives. The plan was to assist those co-operatives who revamped their business by increasing recovery rates.

In the first phase, an amount of Rs 502 crore would be spent. This included a contribution of Rs 423 crore from the Centre.

The Minister clarified that those who settled their long-term loans under OTS (one-time settlement scheme) would not be eligible for fresh loans. “Like any other commercial bank, the co-operatives would not give loans again to these people,” he said.

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AP expects Rs 2,473-cr package for farm co-ops