Cooperation Minister V.N. Vasavan has expressed concern over the growing influence of Multi-State Cooperative Societies (MSCS) that could eat into the revenue share of cooperative societies in Kerala.
Currently, 38 registered MSCS are headquartered in the State. The branches of 68 MSCS based in other States also function in Kerala. In all, nearly 180 branches of such entities operated in the State.
Responding to questions in the Assembly on Thursday, Mr. Vasavan said the emergence of MSCSs, which have been permitted by law to offer high interest rates for fixed rates without adhering to the rates fixed by the Registrar of Cooperative Societies, has began to affect primary agricultural cooperative societies through unhealthy competition.
