Karnataka - Bangalore   

Cooperatives to offer capital market services

BANGALORE: Souharda Cooperative Societies of Karnataka are all set to make a foray into financial services.

They will offer fee-based capital market services, non-life insurance products and UTI Mutual Fund schemes to its 2.75 lakh members from Thursday.

Addressing presspersons here on Tuesday, Minister for Cooperation Lakshman S. Savadi and Souharda Cooperative Societies Chairman Manohar Maski, MLC, said to begin with, 20 cooperatives would offer online financial services from Thursday.

These cooperatives will be provided with a Very Small Aperture Terminal (V-SAT) facility to link up with the National Stock Exchange (NSE), Mumbai, and thus offer online capital market services.

About 100 cooperatives are expected to provide financial and capital market services by the end of this financial year (2008-09) and the figure would touch 500 in the next three years.

The fee-based income from these activities is expected to cross Rs. 1,000 crore in the next few years, Mr. Maski said. Around 1,000 Souharda Cooperative Societies have been providing services across the State. Belgaum district has the highest number of 223. The State Government has no share capital in these societies, which are registered under the Karnataka Souharda Sahakari Act of 2001. In Karnataka, these societies have disbursed credit of Rs. 1,370 crore so far.

A conference of all presidents of the Souharda Cooperative Societies has been organised at the Banquet Hall of the Vidhan Soudha on Thursday.

Chief Minister B.S. Yeddyurappa will inaugurate it and the Minister for Revenue G. Karunakara Reddy will participate.

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