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“Strengthen cooperative movement in Kerala”

KOCHI: Kerala Chief Minister V.S. Achuthanandan has called upon leaders of the cooperative movement in the State to face the challenge posed by globalisation and strengthen the cooperative movement.

Inaugurating the valedictory meeting of the sixth Cooperative Congress here on Sunday, Mr. Achuthanandan expressed the hope that the congress would provide the impetus to the movement to resist globalisation and to reach new heights of growth. He said the cooperative movement in Kerala had a tradition of over 100 years. The Chief Minister called for urgent steps to strengthen cooperative banks. Mr. Achuthanandan said that nobody could shut their eyes to malpractices in the cooperative sector. He said that between 2001 and 2006, malpractices to the tune of Rs. 1,000 crore had been reported and a comprehensive inquiry was on.

He said it was because of the trust the people of Kerala had put on the cooperative banks that deposits were growing.

The Chief Minister said the United Progressive Alliance government was following the policies of the National Democratic Alliance government as far as banking reforms were concerned.

Minister for Cooperation G. Sudhakaran, who presided over the valedictory function, said the cooperatives were ready to extend loans at 4 per cent interest to 50 lakh people.

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