Chandigarh, Jul 22 (PTI) Punjab Finance Minister Harpal Singh Cheema on Tuesday lauded the contributions of the National Bank for Agriculture and Rural Development (NABARD) in fostering the growth of the state's agrarian economy.

Speaking at an event organised to celebrate NABARD's 44th foundation day, Cheema emphasised the institution's crucial role in empowering the state's farmers and strengthening its cooperative banking network.

He specifically highlighted the low-interest-rate loans provided by NABARD to cooperative banks and societies.

He said that accessible financial resources enable these institutions to, in turn, offer affordable credit to farmers, a cornerstone of agricultural development in the state.

The finance minister also underscored the vital role of multi-purpose cooperative agricultural service societies (MPCASS) in the state's progress.

Addressing the current state of Punjab's Primary Agricultural Credit Societies (PACS), Cheema said that out of approximately 3,500 PACS in the state, around 1,800 are currently operating profitably, while others face financial challenges.

He urged the farmers of Punjab, who have historically led the nation in agricultural innovation, to focus on strengthening the PACS network across the state.

During the event, Cheema also distributed awards to outstanding MPCASS in various categories.

In his address, Vinod Kumar Arya, Chief General Manager, NABARD (Punjab), briefed about the journey of NABARD since inception.

"NABARD has been a trusted development partner in Punjab's journey of rural progress. Our efforts in supporting agri-infrastructure, strengthening cooperatives, and promoting livelihood interventions have empowered farmers and rural entrepreneurs," he said.

Going forward, we will intensify our focus on climate-resilient agriculture, digital transformation including e-KCC and inclusive development, with empowerment of cooperatives, he added. PTI CHS HVA

Agricultural finance: concessional NABARD lending strengthens cooperative banks and expands affordable credit to farmers. NABARD's concessional lending to cooperative banks and societies expands affordable credit to farmers and strengthens the cooperative banking network, supporting agri infrastructure, cooperative capacity building, livelihood interventions, climate resilient agriculture, and digital initiatives such as e KCC. About half of the state's Primary Agricultural Credit Societies are profitable while others face financial stress; there is a call for greater farmer engagement to reinforce the PACS network and continued emphasis on empowering multi purpose cooperative agricultural service societies as part of inclusive rural development.