Kerala - Alappuzha   

Ploy against cooperative movement: Minister

ALAPPUZHA: Coir and Cooperation Minister G. Sudhakaran has alleged an ‘all-India conspiracy’ to destroy the cooperative movement in Kerala. Speaking at a public function here on Sunday,

Mr. Sudhakaran said he was not sure whether anyone in Kerala was supporting the conspiracy.

But it was confirmed that efforts were on to spread the wrong notion that loans taken from cooperative banks did not have to be repaid. With the recent agricultural loan waiver announced by the Centre, several people had stopped paying loans in spite of being capable of repaying the loans.

The loans were disbursed from deposits collected by the public and the State government was bound to return the deposits to the public.

However, if the Centre did not reimburse the waived amount at the earliest, nearly 600 cooperative banks in the State would face the danger of being closed, he said.

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