Lauding positive contributions made by cooperatives to the development of Kerala , Ramesh Chennithala home minister of the state has called for the cooperative sector’s healthy and continuous expansion. The minister said this while addressing a gathering after launching the pre-paid Visa card of the Kolloorvilla service cooperative bank, reported the Hindu.
Mr. Chennithala noted banks in the cooperative sector are sources of finance the common people can rely on. With the cooperative banks providing loans, the traditional moneylenders ripping off the people will disappear from the scene, he said.
The home minister said one of the reasons for the success of the crackdown on the blade mafia through Operation Kuberan was the cooperation extended by the cooperative sector banks. The services and products of such banks were made more people-friendly in the wake of the crackdown.
This made people who needed urgent credit turn towards the cooperative sector banks than rely on the loan sharks. One such important support from such banks was the rural credit extension scheme. Earning the confidence of the people is the secret behind the growth of the Kolloorvila Service Cooperative Bank, he remarked. The function was presided over by the president of the bank, Anzar Aziz.