In the wake of demonetization, the credibility of cooperative banks and credit co-operatives has hit an all time low. Worried, several CEOs and Chairmen of co-op banking institutions would like the govt. to issue a statement clearing up the misunderstanding surrounding the cooperative sector banks. But their wish is yet to be fulfilled.
Working in the unorganized sector, some of the credit co-operatives are catering to people who are liable to suffer at the hands of of blood-licking traditional money lenders. However, it is a pity that the govt paints them all with the same brush, grumble many of them.
The CEO of the largest credit co-op Buldana Urban is one of such harassed men today. Having set up a highly successful multi-purpose co-operative, he finds no support from any quarters.
The CEO Sukesh Zamwar wrote a letter earlier to the Prime Minister seeking his intervention in the matter. He expected the Prime Minister to say a few words that would shore up the confidence of people in honest cooperatives which suffered irreparably in the wake of demonetization.
Later, Zamwar approached Indian Cooperative to seek reactions of Ministers such as Arun Jaitley, Radha Mohan
Singh or Santosh Gangwar on the future of cooperatives.
Considering ministers are engaged in electioneering in Uttar Pradesh, the Ministers or their staff-members seem to have no time for such matters. Some of them even did not bother to reply the official email seeking an appointment. The case in point is that of Santosh Gangwar- Union State Minister of Finance.
The mail sent by Indian Cooperative to Gangwar has failed to fetch a response so far.
Recounting his experience, Zamwar says” during demonetization, our societies performed well and came out of the crisis with flying colors. Most of the credit co-ops have done their best to meet the needs of their members during the crisis”.
He wants the govt to say that it will support these co-ops morally as well as financially. “Members of co-ops do not have to worry regarding future of co-ops,” a few words like these would energize us, he concludes.
