CHAPTER VI

BANKING, TRADE AND COMMERCE

(A) Banking and Finance

(a)   History of Banking

The history of banking in India can be traces to the Vedic period when trade transactions were undertaken through different modes of advancement and payment of loans, especially through exchange in kind. Manu’s Smrities and Kautilya’s Arthashastra contain references to private money-lending institutions in the ancient period, starting from the 5th Century onwards. The historical records mention the efficient working of the banking arrangements. Banking methods adopted in ancient India included private money-lending, money-changing, and a prominent mode of indigenous banking called ‘hundi business.’

            This banking system benefited all categories of persons engaged in the transaction, although there would have been exploitation of certain categories of participants. Banking in the ancient period was carried on by private individuals popularly called shreshtis and latre on as sahukars. They financed traders, merchant adventures and explorers who went over seas, and also rulers in times of war and financial stress.

            During the medieval period, banking was to hands of the Multanis and Shroffs who not only financed internal trade and commerce but also acted as bankers of the ruling dynasties of the period. Foreign trade was also financed by these bankers. They also acted as revenue collectors, bankers, and money changers to Government. For their power and influence the Jagat Seths or world bankers of the 17th and 18th centuries are comparable with any private banking house in any other century, and indeed, they seem to have functioned like a modern central bank.

            With the advent of the British rule in the later half of the 18th century, the traditional banking methods were partially replaced by the systematic banking, which has been developing thereafter.

            The indigenous banking arrangements included private money-lenders in villages, towns and cities. The main business of the village money-lenders was to lend money to cultivators. He lent money either on the security of ornaments or on promise of payment from the proceeds of the forthcoming harvest. His primary business was to supply loans for consumption. Occasionally, he ran a grocery shop in the village and purchases his debtors’ crop. The rate of interest varied with the borrowers’ reliability. It was higher in the case of unsecured loans. The hold of money-lender was firm and his operations in towns and cities also played a significant role in the Indian money market.

            The rates of interest charged by the money-lenders varied from individual to individual, in each case depending upon the circumstances of the debtor, the need for a debt, and the security that the debtor was able to offer, and the resources of the money-lender himself. According to the report of the Provincial Banking committee, The rate of interest charged by the money lenders varied between 12 and 37½ per cent. The itinerant money lenders charged rates of interest varying from 75 to 360 per cent. The indigenous system of banking abounded in malpractices such as high rates of interest and defective accountancy, The money lender safeguarded the debt by keeping with him the agricultural land, ornaments, houses, etc. of his clients with the result that once a borrower came into the clutches of the money lender, her would live and die in debt, leaving the debt to his next generation.

            The malpractices attracted the attention of the Government, who adopted several measures beginning with the Punjab Alienation of Land Act, 1900. The Act was not quite successful as a new class of agriculturist money lenders emerged. The Act no doubt curbed the malpractices of the village money lender, but it did not improve the lot of the peasants. The Act merely changed the designation of money lenders from sahukar to agriculturist money lenders and thereby aggravated the difficulties of the borrowers.

            Subsequent legislation, including the Punjab Regulation of Accounts Act, 1930, the Punjab Relief of Indebtedness Act, 1934, the Punjab Debtors’ Protection Act, 1936 and the Punjab Registration of Money Lenders’ Act, 1938, sought to check arbitrariness in the operations of the village money lenders.

            The Royal Commission on Agriculture recommended the development of Co-operation as a remedy for rural poverty. Following the Co-operative Credit Societies Act of 1904, there was a rapid growth in the number and activities of the societies between the years 1906 to 1911. The Act war revised in 1912 to grant legal recognition to productive and distributive societies as well as to different Central Organizations.

            Besides, various legislative measures such as regulation of usury, registration and licensing of money lenders, regulation of accounts, limitation of interest rates, moratorium and conciliation of debts, and compulsory scaling down of debts were adopted to control the malpractices of the money lenders. The Government of India appointed various Committees to suggest ways and means to provide banking facilities in rural areas to mop up surplus funds and also to help the farmer. The various rural credit agencies presently engaged in rural finance at field level are the private money lenders, co-operative societies including primary societies for short term credit and land mortgage banks for medium and long term credit, commercial banks, and to a small extend, the government. The institutional agencies obtain their needs through the established channels of other co-operative societies and banks, the Agricultural Refinance and Development Corporation and the Reserve Bank of India. During 1982-82, there were 212 agricultural credit societies in the Rupnagar District with a membership of 91,589.

(b)   General Credit Facilities

(i)         Indebtedness, Rural and Urban

Modern business is run on credit, Agriculture, however, presents unique problems because of its uncertainties, its small unit of production and scattered nature of its operation. In addition, the cultivator needs money to improve land, replace agricultural implements and purchase inputs and cattle, etc. The main sources of rural credit are : Government, co-operative , relatives, landlords, agriculturists money lenders, professional money lenders, and traders and commission agents, some of this debt is unproductive. Money borrowed for productive purposes results in increased prosperity. A loan used for unproductive purposed in a burden, leading to economic and social rural indebtedness.

            The amount borrowed by the industrialists, traders and other business communities on the other hand is found to be more productively used.

            Rate of Interest :- The rate of interest depends upon the nature of the loan and on the financial condition of the borrower. It varies from place to place, individual to individual and from one lending agency to another. In the district, the joint stock banks and commercial banks charge a rate of interest which is fixed by the Government of India. However, the loaning policies of the co-operatives are being increasingly oriented to serve the needs of the weaker sections, and the co-operative societies advance loans tat rate of interest ranging from 2½ per cent to 8 per cent. The loans advanced under the State Aid to Industries Act, 1935, carry lower rate of interest ranging from 2½ per cent to 6½ per cent. Indigenous money lenders charge much higher rates of interest which vary from 18 per cent to 25 per cent, and even more. In some cases, the interest is recovered in kind,

            Usury had largely disappeared in such states as Punjab, where alternative and more convenient channels for rural credit have come up.

(ii)        Role of Private Money lenders and Financiers

            Money lenders :- Historically, indigenous bankers or the sahukars represent the earliest financial institution with their origin lying deep in antiquity. Until the establishment of modern joint stock banks in the district, the indigenous bankers enjoyed a virtual monopoly of banking, With the advent of joint stock banks, their importance has waned. Despite competition from well organized banks, a good deal of banking business still remains in their hands, and they occupy an important position in the district,

            Money lenders generally advance loans both for productive purposes and for consumption. Loans are advanced both in cash and king. These are often made on mutual trust, sometimes even without a witness, and sometimes on the security of immovable property. Loans are made on simple usufructuary mortgage and sometimes on mortgage with a condition of sale attached to it, Their rates vary and according to the nature of security offered by the borrower. However, the money-lenders maintain a personal contact with their clients and keep themselves fully informed of their credit worthiness. As lenders of money, they finance agriculture, trade and industry. Under the provisions of the Punjab Registration of Money lenders Act, 1938, all money lenders are required to get themselves registered with the concerned Sub Divisional Office (Civil) and obtained licence. Besides, they are required to keep regular accounts in the booked prescribed under the Act. The number of registered money lenders in the district as on 31 March 1983, was 4 (1 in the urban and 3 in the rural areas), but a number of persons are suspected to be carrying on similar business informally.

(iii)             Government, Semi-Government and Co-operative Agencies :-

Besides by the local money lender, loans are also advanced by the Government and co-operative credit agencies, such as the Punjab Financial Corporation, the Khadi and Village Industries Commission, joint stock banks, co-operative banks and co-operative societies. The Punjab Financial Corporation provides medium and long term loans to industrial concerns established in the State. It provide finances up to Rs. 20 lakhs to eligible public limited companies or registered co-operative societies and up to Rs. 10 lakhs in other cases. The Corporation charges a rate of interest of 3 per cent and more above the bank rate. The loans advanced by the Corporation are repayable in 10 years. These loans are advance against hypothetication of land, building, plant and machinery, etc. with a margin of 40 per cent of the net assessed value. In case of Government guarantee, the margin is reduced from 40 per cent to 20 per cent of the value of loan.

After Independence, the Government has adopted a liberal policy in regard to granting loans and subsidies for land reclamation, purchase of inputs and for purchase of cattle, tractors, and agricultural implements. Loans were also advanced under the State Aid to Industries Act, 1935. It was realised however, that the government was an unsuitable agency for advancing loans directly, and the work has largely been given up by the government in favour of specialised agencies such as the co-operatives and banks

(iv)             Joint stock Banks

It was in the year 1860 that the principle of limited liability was applied to the joint stock banks. Earlier that this, little or no banking legislation exited in India. Many banks has sprung up an failed, mostly due to speculation, mismanagement and fraud. The number of joint-stock banks increased remarkable during the boom of 1906-13. This was followed in the period 1913-17 by a severe crisis during which many of the banks had to wind up business. The disappearance of the inefficient the banking structure.

The banking structure in the district includes the branches of a number of commercial banks. The State Bank of India conducts Government business and affords remittance and exchange facilities to the local banks and the public, besides its usual banking business. It also affords special facilities such as medium term finance, special credit transfer system, safe custody of articles, financial assistance to small scale industries, traveller’s cheques etc.

Whereas the State bank of India acts as the Government’s bank, the other commercial banks in the district are engaged in activities which include borrowing, raising, lending or advancing money against different types of securities, accounts, policies, bonds, hundis, bill, etc., granting and issuing letters of credit and circular notes, dealing in stocks, funds, bonds, debentures, investments, etc., receiving money and valuables on deposit or for safe custody or otherwise collecting and transmitting money and securities, managing of property and transacting all kinds of agency business.

The various branches of commercial banks in Rupnagar District, as on 31 December 1984, were as under :-

1.

State Bank of India

5

2.

State Bank of Patiala

12

3.

Punjab National Bank

8

4.

Central Bank of India

2

5.

Allahabad Bank

1

6.

United Commercial Bank

14

7.

Indian Overseas Bank

2

8.

Union Bank

1

9.

Indian Bank

1

10.

New Bank of India

5

11.

Punjab and Sind Bank

18

12.

Oriental bank of Commerce

2

13.

Syndicate Bank

1

14.

The Lakshmi Commercial Bank Ltd.

1

            The total deposits and banking credit in the Rupnagar District, as on 30 June 1983, was Rs. 95.94 and Rs. 38.81 lakhs, respectively.

            A list of banking offices (backwise and branchwise) of various place in the district as on 31 December 1984, is given in Appendix-I at page 209-10 at the end of the chapter.

(v)               Post Office Savings Bank Account

A district savings officer is appointed to mobilise deposits. There were 98,696 post office accounts in the district as on 31 March 1983. The number of depositors who opened new accounts with the post office savings bank in the district was 8,088 and the gross deposits in all the accounted, s on 31 March 1983, amounted to Rs. 9,40,54,000. The number of accounts under the Cumulative Time Deposits Scheme and Recurring Deposit Scheme in the District, as on 31  March 1984, was 3,664 and 14,102, respectively. The number of Agents under Standardized Agency System was 62. They collected Rs. 2.89 crores during the year 1982-83. Besides, the number of Agents under Mahila Pardhan Agency System was 28. They collected Rs. 13.29 lakhs during the year 1982-83

(vi)       Co-operative Credit

            The Co-operative Movement took root in the Rupnagar District in 1920 with the formation of thrift/credit co-operative society at Kharar. Following the Acts of 1954 and 1961, more co-operative societies came up. As on 31 March, 1982, there were 1,269 co-operative societies in the district, of which 281 were co-operative credit societies (212 agricultural and 69 non-agricultural). Besides, the Central Co-operative Bank, Rupnagar has 25 branches at different places in the district.

            Co-operative Credit Societies :- The Government has attempted various measures to improve the condition of the rural masses. For the relief of agriculture indebtedness, the Central and State Governments have tried to regulate money-lending, restrict  transfer of land from agricultural to non-agricultural classes and extend direct financial assistance in the from of taccavi loans. The Co-operative Movement seeks to promote the economic well being of the agriculturists. It lays emphasis on the importance of self-reliance and mutual help.

            The details regarding the membership and the working of the agricultural and non-agricultural societies functioning in the Rupnagar District, during 1973-74 to 1982-83, are given in Appendices II and III on paged 211-12.

(c) Insurance and Small Savings

            Insurance :- Two branches of Life Insurance Corporation of India cover business in the district, one each at Chandigarh and Nangal. The Barnch Office at Nangal was opened on 25 April 1960 and covers tahsil Anandpur Sahib besides Una District of Himachal Pradesh. The area comprising Rupnagar and Kharar tahsils and Development Centres of Morinda, Kurali and Chamkaur Sahib are under the control of the Chandigarh Division. Rupnagar was opened as a Development Centre, with effect from 1 April 1976 and was upgraded to the status of Branch office on 1 April 1980.

            Besides covering risk of death, the Life Insurance Corporation advances loans to th epolicy holders as well as to the government and other institutions. It charges interest at the rate of 9 per cent and 11½ per cent against policies and houses, respectively.

            The number of Development Officers and Agents in the district as on 31 March 1983, was 10 and 205, respectively. The following statement shows the branch wise business secured by the Life Insurance Corporation of India in the district, during 19767-77 to 1982-83.

 

Year

Name of Branch

 

 

 

 

 

 

 

(Sum assured in lakhs of rupees)

 

1976-77

1977-78

1978-79

1979-80

1980-81

1981-82

1982-83

 

No. of

Policies

(Rs.)

No. of

Policies

(Rs.)

No. of

Policies

(Rs.)

No. of

Policies

(Rs.)

No. of

Policies

(Rs.)

No. of

 Policies

(Rs.)

No. of

Policies

(Rs.)

Chandigarh

617

84.00

7,93

99.00

9,06

1.16

1,519

242

1,226

216

1,334

231

1,424

266

Nanga

1,713

146,12

1,371

146.53

1,547

154

1,780

193

1,991

239

1,886

242

963

151

 

 

Prior to the nationalization of the general insurance companies on 1 January 1973, the Life Insurance Corporation had since 1964 undertaken fire, marine and other general insurance business. After their nationalization, all the general insurance companies emerged as an apex body known as the General Insurance Corporation. Under this Corporation, the general insurance business is done by four general insurance companies, viz. The Oriental Fire and General Insurance Company Ltd., The New India Assurance Company Ltd., The National Insurance Company Ltd. General Insurance covers three types of risks, fire, marine (transportation of goods), and miscellaneous insurance. Miscellaneous insurance includes motor insurance besides other types of insurance like fidelity guarantee, aviation insurance, burglary, personal existence, etc. The business is carried on at various places in the district by the Inspector and Agents of the insurance companies.

Small Savings :-  Small Savings in a centrally sponsored scheme of the Ministry of  Finance, Government of India to mobilise savings and deposits. Out of the amount deposited in small savings within the State, two thirds is available to the State Government as interest bearing loan from the Government of India. This is used for development activities  within the State. A number of steps ae taken at all levels to expand the small saving deposits in the State. In the districts, Savings Committees have been formed and various political parties and social organizations are associated with the movement.

            In order to have better co-ordination between the Central Organization and the State Government, Directorates of Small Savings have been set up in various States. The Director, Small Savings, Punjab, Chandigarh, at the State level is assisted by district level officer who co-ordinate between the Central Organization and the district authorities for the promotion and growth of deposits. From the year 1973-74, a prize incentive scheme for holder of Post Office Savings Banks Accounts has been introduced by the Government of India.

            The number of agents who worked for small savings on commission basis in the district, as on 31 March 1983, was 130.

            The gross and net investments under the small savings scheme in the Rupnagar District, during 1973-74 to 1982-83, are given below :-

 

Year

Gross investments (Rs.000)

Net Investments (Rs.000)

1973-74

456.39

115.89

1974-75

392.24

6.28

1975-76

481.93

131.62

1976-77

452.05

53.76

1977-78

509.50

123.00

1978-79

624.82

203.13

1979-80

672.30

249.00

1980-81

710.30

261.00

1981-82

663.25

281.00

1982-83

910.54

327.00

( Source :  District Savings Officer, Rupnagar)

(d) Currency and Coinage

            Decimal coinage is now considered the simplest system of money, although in the past different systems have been in use in India, In the medieval period, business was transacted in rupees, mohars and dams.

            During the period of Sikh rule, the coins consisted of the  silver rupee and the gold bugti. Besides, copper coins of smaller denominations were also in circulation.

            Expert opinion in India had long advocated the introduction of decimal coinage. In 1867, the Government decided to adopt the decimal system gradually. For a variety of reasons, however, an Act on the subject which was passed in 1871 remained inoperative. It was only from 1957 that decimal coinage replaced the system of rupees, annas and pies which had been adopted during British rule.

(B) Trade and Commerce

            The district can boast of little tradition in the way of industrial manufacture, although certain small articles of iron were produced through the 19th century. The district, however, was an important market of exchange between the hills and plains. The Amabala District Gazetteer, 1883-84 points out that Rupar carried  on considerable trade in grain, sugar and indigo; salt was largely imported from the salt range mines, and exported to the hills, in return from iron, ginger, potatoes, turmeric, opium and charas. Country cloth was manufactured in the town and largely exported to the hills. The smiths of Rupnagar had a reputation for the manufacture of locks and other small articles of iron. A large cotton market was established at Kurali and for many years a thriving trade was carried on. In 1892-93, the principal factory of the district was the Government Canal Workshop at Rupnagar where large castings were turned out.

            According to the Hoshiarpur District Gazetteer, 1904, a small quantity of dyed leather and quill work such as boxes, cigar cases, etc. was produced at Anandpur by a few families. Toys were also made at Anandpur. Apart from these minor traditional manufacturers, some new industries, as described in Chapter V, have been established.

(a) The Course of Trade

            As in the rest of the State, agricultural produce is sold by the farmers in regulated markets. Five such markets operate in the towns of Rupnagar, Kharar, Kurali, Morida and Anandpur Sahib, and 11 sub-yards, where trading also takes place, are attached to these markets.

(b) Trade Centres

            (i) Regulated Markets :-  In order to save the agriculturist from the evils of unhealthy market practices and to ensure a fair price for his produce, the State Government passed the Punjab Agricultural Produce Markets Act, 1939. The Act provides for the regulation of markets through market committees which represent growers, commission agents and traders, local bodies and the Sate Government. The market committees standardize various market practices and charges, and enforce the use of standard weights, thus, ensuring a fair deal to the farmers, The markets at Rupnagar, Kharar, Kuarli, Morinda and Anandput Sahib are notified as regulated under the Act.

            The system of marketing in identical in all the regulated markets, The rules and regulations framed of the  local market committees relate to the hours of work, incidental charges to be collected from the sellers and the buyers of produce. In the regulated markets, offers of rates are determined through open auction in the present of market officials. The commission agents, sometimes advance loans to the farmers who bring their produce to their shops for sale. The sellers, however, reserve the right not to sell their produce below a  fixed price. The commission agents charge their commission which includes sundry charges such as commission, and weighing and threshing charges.

            (ii) Fairs (Melas) and other Rural Marketing Centres :

            Fairs (Melas) :- Fairs and melas play an important role in business transactions. Fairs have long been part of the district's religious life and agricultural economy, and have also assumed commercial importance.

            A number of fairs and festivals are held at particular places every year on specified days. The important fairs and festivals held in the district are discussed in chapter III.

            Cattle Fairs :-  These are arranged on different dates every month at various places in the district. Each such mandi lasts two or three days. Apart from cattle fairs held on some special days, nonthly fairs are also held at Rupnagar, Kurali, Anandpur Sahib and Morinda. These are important centres for the sale and purchase of cattle in the district. The Government charges fees on the sale and purchase of cattle in these fairs.

(c) Co-operation in Trade

            (i) Co-operative Marketing :-  Almost all farmers in the district as in the rest of the State, are members of co-operatives agriculture service societies at village level, and co-operative supply and marketing societies at market level., The first supply credit in kind (inputs such as fertilizers, seeds, insecticides, etc.) and the second arrange the marketing of produce on behalf of their constituent farmers in regulated markets and designed sub-yards in the district. The marketing societies operating in Rupnagar District are listed below :-

 

Name of Society

Date of Registration

1.

The Rupnager Co-operative Marketing Society, Rupnagar

25-10-1961

2.

The Kharar Co-operative Marketing Society, Kharar

27-6-1949

3.

The Morinda Co-operative Marketing Society, Morinda

30-9-1959

4.

The Sutlej Co-operative Marketing Society, Nangal

8-11-1960

5.

The Nurpur Bedi Co-operative Marketing Society, Nurpur Bedi

8-9-1972

6.

The Kurali Co-operative Marketing Society, Kurali.

30-9-1957

 

            The contribution of the co-operative marketing societies in the period 1973-74 to 1982-83 is explained in Appendix IV at page 213 at the end of this chapter.

(d) State Trading

            The State Trading Scheme was introduced in the Rupnagar District in 1967. The main aim of the scheme was the procurement and distribution of essential commodities, viz. wheat, flour, rice, sugar, etc. for the benefit of both producers and consumers, especially to those, belonging to the weaker sections of the population. Fair price shops were opened to ensure fair prices to the consumers and also to curb black marketing of essential commodities. On 31 March 1983, there were 68 fair price shops in the urban areas, and 389 fair prices shops/depots in the rural areas of the district.

            The total quantities of foodgrains (wheat) purchases by the Food and Supplies Department, Punjab, from the Food Corporation of India and other important markets under the State Trading Scheme, during 1973-74 to 1982-83, in the district are given below:-

Year

Particulars

Quantity purchased (tonnes)

1973-74

Wheat

18,027

1974-75

Wheat

5,186

1975-76

Wheat

9,043

1976-77

Wheat

11,498

1977-78

Wheat

12,826

1978-79

Wheat

12,278

1979-80

Wheat

18,441

1980-81

Wheat

18,861

1981-82

Wheat

11,879

1982-83

Wheat

14,834

(Source  :  District Food and Supplies Controller, Rupnagar)

(e) Merchants' and Consumers' Association and Organs for the Dissemination of Trade News

            Merchants' Associations: - The following are two Merchants' Associations functioning in the district :-

            1.         Karyana Merchants' Association, Rupnagar.

            2.         Halwai Association, Rupnagar.

            There are no Conusmers' Associations in the district.

            Market Intelligence :-  The market intelligence regarding prices etc. of various commodities continued during the year 1982-83. The market news is disseminated to the public through handbills, posters, news bulletins and broadcasts, calendars, circular letters, newspapers, magazines, window displays, etc. The co-operative marketing societies, receive market information cards from their allied societies, A few market committees also send daily information cards to the Sarpanches of the Villages covered by them.

(f) Weights and Measures

            Before the introduction in 1958 of the decimal system, the weights and measures were determined by a complicated system which has been explained at length in the Ambala District Gazetteer, 1892-93. There were amazing differences in the local weights and measures in the district. Sometimes, these measures varied in size from one place to another. The variation in weights and measures from village to village and from market to market were seen to prejudice the interests of sellers and to hamper trade and commerce. Indigenous weights and measures were in general use in the district till 1941, when there was no uniform standard of weights and measures. But this system was removed with the  passage of the Punjab Weights and Measures Act, 1941. However, with a view to introducing a uniform system of weights and measures in the country, the Government of India enacted the Standard of Weights and Measures Act, 1956 and the State Government enacted the Punjab Weights and Measures (Enforcement) Act, 1958. The provisions of the Act, in so far as unit of mass was concerned, were introduces in the State with effect from October 1958. In the Rupnagar District, the Act was enforced with effect from November 1966, when this district was carved out. In case of weights, the use of old weights allowed for a period of two years and from October 1960, the use of metric weights was made compulsory. In case of measures, a period of one year was allowed for the use of measures previously in vogue, and from April 1962, metric measures were made compulsory. The use of metric units became obligatory from April 1962.

            The old weights and measures have been replaced in the district by the metric weights, capacity measures and length measures, and not there is an new uniform system of weights and measures. The Inspector, Weights and Measures verifies weights, scales, etc. used in the district for trade purposes.

(g) Storage and Warehousing

            Before the formation of the State Warehousing Corporation, the agriculturists were not provided with any facilities in regard to the scientific storage of their produce. Their indigenous stores were bharolas and kothas (bins) in their houses.

            The Punjab State Warehousing Corporation was set up in 1958 under the Agricultural Produce Development and Warehousing Corporation Ace, 1956. It was reconstituted with effect from 1November 1967 after the reorganization of the erstwhile State of Punjab under the Warehousing Corporation Act, 1962. As on 31 March, 1983, there were 3 warehousing centres functioning at Kurali, Morinda, and Ranjitpura in the district. On 31 March 1983, the Corporation had its own constructed godowns at Kuarli and Morinda in the district with total capacity of 18,000 metric tons. The total hires capacity throughout the district was 5,076 metric tones. Stock deposited in the warehouses of the Corporation are stored on scientific lines.

            The Corporation also undertakes fumigation of stocks under the Technical Advisory Schemes on payment of fumigation charges. The existing rates are 34 paise per bag of one quintal of foodgrains per month. The scheduled banks make advance to the depositors on the pledge of warehouse receipts, as per credit restrictions of the Reserve Bank of India. The stocks stored in the warehouses are guaranteed against damage caused by pests, fire, flood, theft, etc.

            The main functions of the Corporation are to acquire and build godowns and warehouses; to run warehouses for the storage of agricultural produce, seeds, manures, fertilizers, agricultural implements and notified commodities; to arrange facilities for the transport of agricultural produce, seeds, manures, fertilizers, agricultural implements and notified commodities to and from warehouse, and to act as an agent of the Government of Punjab for the  purposes of the purchase, sale, storage and distribution of agricultural produce, seeds, manures, fertilizers, agricultural implements and notified commodities.

            For the storage of perishable commodities like vegetables and fruit, cold storages are being run in the district. These help in increasing the life of perishable goods and help the producers in getting the remunerative prices and the  consumers in getting those perishable goods for longer time. The cold stores are, with the exception of one which belongs to a co-operative, are privately owned.

 

APPENDIX-I

Number of Banking Offices at Various Places in the Rupnagar District as on 31st December 1984

 

            Name of Bank

I           United Commercial Bank                  VII      Indian Overseas Bank

1.         Rupnagar                                              1.         S.A.S. Nagar (Mohali)

2.         Singh Bhagwantpur                               2.         Nangal

3.         Purkhali                                    VIII     Oriental Bank of Commerce

4.         Nuhen                                                  1.         Mianpur

5.         Bharatgarh                                            2.         S.A.S. Nagar (Mohali)

6.         Bela                                         IX        State Bank of Patial

7.         Landran                                                1.         Thali

8.         Mohali                                                  2.         RC Bhawan, Rupnagar

9.         Naya Gaon                                           3.         Morinda

10.       Khizrabad                                            4.         Chamkaru Sahib

11.       Ajauli                                                   5.         Kharar

12.       Bhallan                                     6.         Chuni Kalan    

13.       Nangal                                                 7.         Kurali

14.       Dumewal                                              8.         Anandpur Sahib

II         New Bank of India                             9.         Nangal

1.         Kotal Nihang                                        10.       Nurpur Bedi

2.         Kharar                                                 11.       Hospital Road, Rupanagar

3.         Zirakpur                                               12.       R.T.P.C.,Rupnagar

4.         Kurali                           X         Shiwalik Kshetriya Gramin Bank    

5.         S.A.S. Nagar (Mohali) (Sponsored by Punjab National Bank,

III        Punjab National Bank                          Head Office, Hoshiarpur)

1.         Rupnagar                                              1.         Rupnagar

2.         Gharuan                                               2.         Sirsa Nangal

3.         Kharar                                                 3.         Malikpur

4.         Mullanpur                                             4.         Sandhuan

5.         Sialba                                                   5.         Makroan Kalan

6.         Kurali                                                   6.         Dumna

7.         Anandpur Sahib                                    7.         Garangan         

8.         Nangal                                                 8.         Jhanjeri

IV        Punjab & Sind Bank                          9.         Bakarpur

1.         Ghanauli                                               10.       Teor

2.         Rupnagar                                              11.       Nurpur Khurd

3.         Chamkaur Sahib                                   12.       Khanpur Khunhi

4.         Morinda                                               13.       Khera Kalmot

5.         Lutheri                                                  14.       Nangal Abiria

6.         Boor Majra                                          XI        Allahabad Bank, Khant

7.         Behrampur Bet                         XII       Indian Bank, Rupnagar

8.         Kharar                                     XIII      Union Bank of India, Rupnagar

9.         Chuni Kalan                             XIV     Lakshmi Commercial Bank (LCB)

10.       Manauli                                                Kiratpur Sahib

11.       Mundi Kharar                           XV       Syndicate Bank, Nangal           

12.       S.A.S. Nagar (Mohali) XVI     Central Coop. Bank, Rupnagar

13.       Chanalon                                  XVII    Land Mortgage Bank, Rupnagar

14.       Anandpur Sahib

15.       Nangal

16.       Bhanupali

17.       Takhatgarh

18.       Nurpur Bedi

V         State Bank of India

1.         S.A.S. Nagar (Mohali)

2.         Rupnagar

3.         Morinda

4.         Mattaur

5.         Nangal

VI        Central Bank of India

1.         Sohana

2.         Nurpur Bedi

 


(Source  : Deputy Commissioner, Rupnagar )

 

APPENDIX II

(Vide page 198)

Work done by the Co-operative Agricultural Credit Societies in the Rupnagar District, 1973-74 to 1982-83

Co-operative year ending June

No. of Co-operative Societies at the end of the year

Membership

Share capital paid up

Loans advanced during the year

Deposits

 

 

Societies

Individuals

 

 

 

 

 

 

 

(Rs. in lakhs)

(Rs. in lakhs)

(Rs. in lakhs)

1973-74

713

-

77,383

61.03

190.37

127.05

1974-75

713

-

79,743

67.19

190.37

131.19

1975-76

713

-

82,186

73.03

158.61

133.19

1976-77

713

-

83,687

76.25

173.25

135.55

1977-78

713

-

84,511

82.06

177.26

139.12

1978-79

212

-

86,085

97.42

192.26

262.76

1979-80

212

-

86,700

107.73

572.98

105.55

1980-81

213

-

89,040

119.87

592.08

104.04

1981-82

213

-

90,563

132.38

862.68

119.83

1982-83

212

-

91,589

117.68

3035.28

121.12

(Source :  Deputy Registrar, Co-operative Societies, Rupnagar)

           

APPENDIX III

(Vide page 199)

Work done by the Co-operative Non-Agricultural Credit Societies in the Rupnagar District, 1973-74 to1977-78

Co-operative year ending June

No. of Co-operative Societies at the end of the year

Membership

Share capital paid up

Loans advanced during the year

Deposits

 

 

Societies

Individuals

 

 

 

 

 

 

 

(Rs. in lakhs)

(Rs. in lakhs)

(Rs. in lakhs)

1973-74

59

-

4,131

--

22.50

235.24

1974-75

63

-

4,309

1.97

5.11

285.30

1975-76

69

-

4,691

24.83

26.24

309.19

1976-77

69

-

4,882

6.88

32.37

319.16

1977-78

69

-

5,043

7.07

61.61

375.69

(Source  :  Assistant Registrar, Co-operative Societies, Rupnangar)

           

 

(Vide page 199)

APPENDIX IV

Work done by the Co-operative Marketing Societies in the Rupnagar District, 1973-74 to1977-78

Co-operative year ending June

No. of Co-operative Societies at the end of the year

Membership

 

Share capital paid up

Loans advanced during the year

Deposits

 

 

Societies

Individuals

Total

 

 

 

 

 

 

 

 

(Rs. in lakhs)

(Rs. in lakhs)

(Rs. in lakhs)

1973-74

6

-

3,628

3,628

2.12

34.64

69.06

1974-75

6

-

3,680

3,680

3.33

38.12

73.09

1975-76

6

-

3,831

3,831

4.19

76.28

87.91

1976-77

6

-

3,924

3,924

6.17

73.55

99.08

1977-78

6

-

2,324

3,925

8.97

86.564

102.05

(Source  :  Assistant Registrar, Co-operative Societies, Rupnangar)

 

 

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