Despite the challenges faced in 2023, the State’s cooperative sector has succeeded in guaranteeing financial security to depositors, Minister for Cooperation V. N. Vasavan said here on Wednesday.
The Minister was inaugurating a month-long 44th deposit mobilisation drive which has a combined target of ₹9,000 crore for primary cooperative societies and Kerala Bank. Mr. Vasavan called for a joint effort to ensure that the drive provides a major boost for the sector.
Primary cooperative banks have a target of ₹7,250 crore, Kerala Bank ₹1,750 crore and Kerala State Co-operative Agricultural and Rural Development Bank (KSCARD) ₹150 crore.
The month-long campaign, which is on till February 10, is also aimed at attracting the younger generation to the cooperative sector and ensuring at least one cooperative bank account in every household in the State.
Mr. Vasavan said that the recent government decision to hike the interest rates for deposits in the Kerala Bank and primary cooperative societies would help the Cooperation department achieve the target set for the deposit mobilisation drive. “We have made sure that the cooperative sector offers the highest rates of interest. The decision would help the deposit mobilisation drive,” he said.
The Minister also underlined the need to modernise the Kerala Bank and to foster stronger ties between the bank and cooperative societies.
Karuvannur bank scam
As per the latest update, Karuvannur Service Co-operative Bank in Thrissur district has so far returned ₹104 crore to more than 20,000 depositors, Mr. Vasavan said.
V. Joy, MLA, presided. Cooperation Secretary Mini Antony, State Co-operative Union chairman Koliyakode Krishnan Nair, Co-operative Audit director Sherin M. S., ward councillor Rakhi Ravikumar and Registrar of Co-operative Societies T. V. Subhash were present.
