Chandigarh, December 29: One-Time Settlement : Chief Minister Bhagwant Singh Mann has led the Punjab Government to take significant steps in 2024. These efforts aim to strengthen the cooperative sector. These initiatives include providing loan relief to defaulter borrowers. They also focus on upgrading cooperative banks and addressing storage issues through new warehouse construction. Additionally, they support Punjab’s cultural heritage.

CM introduced a One-Time Settlement

A spokesperson for the Chief Minister’s Office stated that the Chief Minister is also looking after the Cooperation Department. They introduced a One-Time Settlement (OTS) scheme for defaulter borrowers of cooperative banks in 2023. Under this scheme, loan relief of ₹368 crore has been provided to 8,453 defaulters during the financial year 2024-25. Additionally, loans amounting to ₹150 crore have been resolved. The scheme will remain operational until February 28, 2025. Punjab has a vast network. It includes 20 Central Cooperative Banks with 803 branches. These branches are linked to 3,523 Primary Agriculture Societies. They support over 10.45 lakh farmers. To enhance services, Punjab State Cooperative Bank and Central Cooperative Banks are upgrading their systems.The upgrade cost is ₹160 crore. The project is expected to be completed by June 30, 2025.

One-Time Settlement : Markfed has initiated a project to construct new warehouses

The spokesperson further stated that Markfed has initiated a project to construct new warehouses. This project aims to address storage issues. The warehouses will have a combined capacity of 44,910 metric tons. In 2024, construction began on warehouses with a capacity of 25,810 metric tons at three locations. The completion is scheduled for November 30, 2025. Additionally, 19,100 metric tons of warehouse capacity will soon be constructed. In the first phase, 79,000 metric tons of the targeted capacity have been completed. Remaining work on the 44,910 metric tons capacity is underway this year. Chief Minister Bhagwant Mann aims to promote Punjab’s cultural symbol, ‘Phulkari.’ He has directed Markfed to take special measures. These are to extend its reach both domestically and internationally. Markfed is collaborating with the National Institute of Fashion Designing (NIFD), New Delhi. It is providing financial assistance. It also offers specialized training to artisans. This initiative aims to revive and celebrate the uniqueness of the traditional Phulkari craft. It seeks to enhance artisans’ incomes. Additionally, it ensures customers receive high-quality products at reasonable prices.