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Co-op banks hit hard due to demonetization: Minister Mahadeva Prasad

Co-op banks hit hard due to demonetization: Minister Mahadeva Prasad


Mangalore Today News Network

Mangaluru, Nov 18, 2016: Demonetization of old 500 and 1000 rupee notes has hit hard the co-operative banks where  daily operations have come to a complete standstill. There is a fear that behind this move there is a ploy to destabilise the co-operative sector, said State Minister for Co-operation and Sugar  H S Mahadeva Prasad.


Co-op bank


Co-op bank


Co-op bank

 

Co-op bank

 

He was speaking after inaugurating the 63rd All India Co-operative Week programme organised at the Nehru Maidan’s Football grounds here on November 18, Friday.

"I would not like to discuss as to why the notes were banned  but it is a fact that the co-operative societies are put to hardships. The Co-operative banks  have provided  agricultural loans to the tune of Rs 10,400 crores in the state. Those  who have availed loans are finding it difficult to repay the same through the co-operative banks now, he said.

 M N Rajendra Kumar, Chairman of SCDCC Bank in his introductory remarks said that the farmers who are relying on co-operative banks are put to hardship due to demonetization. The loan recovery period has to be  extended till situation normalises, he added. He also  warned that he would  quit his post and take to the streets if the government fails to  respond to the demands favourably.

Shekhar Gowda V Mali Patila, President of State Co-operative Federation presided over the function.

 Former ministers Amarnath Shetty and Motamma were felicitated on the occasion. The special issue of Sahakara Patrike was released on the occasion by State Minister for Food and Civil Supplies  U T Khader.


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Comments on this Article
Oshin Dsouza, Mulihithlu Fri, November-18-2016, 5:57
The demonetization has effected everything on the whole but this problem will be sorted out as the time passes.
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