Shimla, Oct 20 (PTI) Chief Minister Sukhvinder Singh Sukhu on Friday launched a deposit-linked loan scheme of the Himachal Pradesh State Cooperative Bank and said the reliance of the people on cooperative bank has constantly increased.

The deposit-linked loan scheme, 'Sapno Ka Sanchay', is an initiative for students in the age group of 10 to 18 years.

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Every year the savings account balance will shift to a Term Deposit account and would fetch Term Deposit Interest for the student and the ATM Charges shall be waived up to 18 years of age, a statement issued here said.

Under the scheme, loan facility of five times the Term Deposit amount, shall be available to the student after turning 18 up to 25 years of age.

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Lauding the initiative, the Chief Minister said the Sashakt Mahila Rin Yojana run by the bank has also become quite popular.

Under this, loans worth about Rs 8.50 crore have been provided to about 4,000 beneficiaries.

The bank has obtained licenses from the Reserve Bank of India to open 25 new branches and would increase the number of outlets of the bank to 262.

The reliance of the people of the state on the cooperative bank has constantly increased, resulting in the number of customers having crossed the figure of 16 lakh, the Chief Minister said.

The bank has done a business of Rs 24,000 crore, with a deposit of Rs 14,997 crore and loan disbursement of Rs 9,139 crore, he said and exhorted the bank to make people aware of cyber crime and fraud.

Chairman State Cooperative Bank, Devendra Shyam on behalf of the bank presented a cheque of Rs 4 crore to the Chief Minister towards the Disaster Relief Fund.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)