India

Monetary Ceiling Of Gold Loans Increased To 4 Lakhs For UCBs By RBI

The Reserve Bank of India (RBI) has increased the monetary ceiling of gold loans under the Bullet Repayment Scheme for UCBs to meet the required Priority Sector Lending (PSL) target from Rs 2 lakh to Rs 4 lakh in order to ease the difficulties faced by the Urban Co-operative Banks (UCBs), according to a statement released by the Ministry of Cooperation on Monday.

The step is a part of several initiatives to strengthen cooperatives and treat them equally with other types of economic entities, both as beneficiaries and participants, that have been undertaken under the direction of Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Minister of Cooperation.

The RBI announced on Friday that for UCBs that have met the overall PSL target and sub-targets as of March 31, the maximum amount of gold loans that can be granted under the bullet repayment scheme will increase from Rs 2 lakh to Rs 4 lakh.

A historic decision was recently made by the Ministry of Cooperation to fund the Centre for Computerization’s registration of cooperatives in the states, Union Territories (UTs), and Agriculture and Rural Development Banks (ARDBs).

This programme is expected to cost a total of Rs 225.09 crore and will allow people to quickly access services offered by state cooperative departments and ARDB offices. It will also bring transparency and uniformity to the way these offices operate, enhancing their efficiency and reducing the amount of time spent on administrative tasks.

A centrally sponsored plan has been approved for the computerization of 1,851 units of ARDBs of 13 states through a national unified software and the computerization of offices of Registrar of Cooperatives of all states and UTs similar to Central Registrar, following the model of the country’s Primary Agriculture Credit Societies (PACS) computerization scheme.

Also Read: Sikkim Flood: Death Toll Increases To 34, Search Operation For 105 Missing People Underway

Shivanshi Srivastava

Recent Posts

Yemen’s Houthis Claim Responsibility For Missile Attack On Israel

Yemen's Houthis claimed responsibility for a missile attack on Israel's Negev region, targeting the Negev…

10 hours ago

From ‘Razia Sultan’ To ‘Sarfarosh’: The Timeless Journey Of Nida Fazli, ‘Main Nida’

A special screening of the film 'Main Nida', based on the life of the renowned…

11 hours ago

Flood Alert In PoK’s Muzaffarabad After Alleged Jhelum Water Release

A flood alert was issued across Muzaffarabad on Saturday after locals reported a sudden rise…

12 hours ago

Zelensky, Trump Hold Talks In Rome Ahead Of Pope’s Funeral; Discusses Ceasefire & Peace

US President Donald Trump and Ukrainian President Volodymyr Zelensky met in Rome on Saturday ahead…

13 hours ago

Pahalgam Terror Attack: Ishan Educational Institutions Organises Protest Against Terrorism

Ishan Educational Institutions, Greater Noida, today organised a peaceful protest march condemning the recent terror…

14 hours ago

Complete Ban On Drone Flights Over Noida International Airport ‘Red Zone’

Authorities have imposed a complete ban on the operation of drones and UAVs over and…

14 hours ago