The co-operative sector is under threat because of the UPA Government policies that seeks to change the basic character of co-operative banks, said G. Sudhakaran, Minister for Co-operation of Kerala on Monday.
Delivering the inaugural address at the Co-operative Conference held as part of the 24 th State conference of Kerala Co-operative Employees Union, affiliated to the CITU, he said that the strong co-operative movement in the State would fight against policies that oppose the basic principles of setting up a co-operative bank.
He said the National Bank for Agriculture and Rural Development (NABARD) was a total failure in the agricultural sector in the State. Mr. Sudhakaran said that whereas the co-operative banks gave loans to farmers at 7 per cent, according to the guidance of the Union government, the NABARD subsidy never came through.
Announcing that the salary revision of employees of primary co-operative societies and agricultural development societies would be declared before February 15, Mr. Sudhakaran said co-operative banks should work towards increasing their assets. V. Kunhikrishnan, KCEU State president presided over the function. M. M. Monaye, MLA, and others spoke on the occasion.