Goa: Will co-op banks survive waiving off?

Once again, the spotlight was on the world of cooperatives in the Goa state assembly when a BJP member raised the issue of waiving off interest on mining loans by cooperative banks and societies through his starred question to cooperation minister in the house.

The waiver would involve an amount of Rs. 40 crore. However, chief minister Manohar Parikar told the house the state govt would soon bring in a policy to chip in financial help to the mining loanees.

According to the cooperation minister Mr. Dhavalikar , the closure of mining has inflicted a total loss of Rs. 113.12 crore on banks and societies.

Some members wondered if the cooperative banks could survive the waiving off interest on loans.

In the meantime, the banks have issued mining loanees notices threatening to foreclose their properties.