Chief Minister Pinarayi Vijayan has said that there is no need for concern regarding potential financial loss in the cooperative sector as the State government stands as guarantee for the security of investments in the sector.
His statement comes in the wake of Leader of the Opposition V.D. Satheesan accusing the Communist Party of India (Marxist) [CPI(M)] and the State government of protecting those responsible for financial irregularities in cooperative banks in Thrissur. Mr. Satheesan also said that the CPI(M) leadership had complete knowledge of the irregularities in the banks.
Mr. Vijayan, speaking after inaugurating the CPI(M) Mavilayi East Local Committee office here on Sunday, highlighted the faith the public had in the cooperative sector.
He said this sector’s vitality was key to the State’s overall prosperity, making it a matter of keen interest for many.
The Chief Minister cautioned the people against succumbing to the allure of promises made by multi-State cooperatives which attempted to divert investments from Kerala. He urged the people not to be swayed by such enticing offers, underlining the resilience of the cooperative sector. Furthermore, the Chief Minister said that efforts were made to defame the sector during the period after demonetisation by spreading rumours that the cooperative sector was made a repository of black money.
