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Rising expenses a challenge to coop. sector

Staff Reporter

Plea to implement Vaidyanathan Committee report

MALAPPURAM : Steep increase in expenses, including hike in wages, has begun to adversely affect the cooperative banking sector in the State. This was revealed at a seminar on `The challenges of cooperative sector in the new economic scenario' held here on Thursday as part of the State-level inauguration of the cooperative deposit mobilization drive.

Minister for Cooperation M.V. Raghavan inaugurated the seminar. K.R. Aravindakshan, president of the State Cooperative Bank, presided over the function. Philipos Thomas, Planning Board member, presented the topic.

The Minister later inaugurated the deposit mobilisation and arrear clearance drive.

A cultural procession, comprising dozens of colourful floats, was taken out through the twin towns of Malappuram prior to the inauguration. The seminar sought the implementation of the Vaidyanathan Committee report.

The report had recommended membership and voting rights for investors, less Government interference in cooperative governing bodies, and full freedom to the bodies.

The seminar pointed out that nearly 600 of the 1,628 basic agricultural cooperative societies had failed to give agricultural loans. Only 3,596 of the 13,032 cooperative societies in the State were running on profit. Of the 14 district cooperative banks, those in Alappuzha and Kottayam were running on loss.Investment in the cooperative sector had risen to Rs.13,000 crores from a meagre Rs. 1.5 crores in 1957.

The cooperative banking sector has set a record target this year.

The deposit mobilisation target last year was Rs.400 crores. Cooperative banks could mobilise Rs.1,305.38 crores last year. This year, the collection is expected to cross Rs.1,400 crores. Kannur topped by raising Rs. 164.22 crores, followed by Ernakulam with Rs. 154.37 crores. Malappuram mobilised Rs. 136.17 crores against a target of Rs.26 crores.

Among those who spoke were P.P. Thankachan, president of Marketfed; Patyam Rajan, chairman of Consumerfed; O.P. Moideen, president of Housefed; E. Narayanan, chairman of Rubco; A. Murali, chairman of Kerafed; M.K. Raghavan, vice-president of State Cooperative Bank; M.M. Monayi, president of Ernakulam District Cooperative Bank; Joy Thomas, president of Idukki District Cooperative Bank; P. Balan, president of Kannur District Cooperative Bank; P.C. Raman, president of Kasaragod District Cooperative Bank; M.H. Shahariyar, president of Kollam District Cooperative Bank; K.J. Philip, president of Kottayam District Cooperative Bank; M. Mehaboob, president of Kozhikode District Cooperative Bank; P.A. Ummer, president of Palakkad District Cooperative Bank; George Mercier, president of Thiruvananthapuram District Cooperative Bank; C.N. Balakrishnan, president Thrissur District Cooperative Bank; and P.P.. Vasudevan, chairman of Cooperative Urban Bank, Perinthalmanna.

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