Speaking on the occasion of the 67th all India Cooperative Week in Karnataka, state cooperative minister S.T.Somashekhar said an amount of Rs 1.50 lakh crore collected by the cooperative banks has been transferred to the bigger nationalized banks -a move that would badly affect the growth of the cooperative sector.
The Minister felt merging small cooperative banks into the bigger nationalized banks could jeopardize the cooperative sector.
In his remarks state cooperative minister S.T.Somashekhar said the Cooperative banks have helped the state government through contributing over 39,300 crore to tackle the multiple problems posed by Covid 19.