Minister for Cooperation C.N. Balakrishnan launched the new electronic fund (e-fund) transfer facility at the Kozhikode District Cooperative Bank.

The cooperative banking firms across the State should think of opening special outlets for supply of essential commodities at a fair price for the common man, Minister for Cooperation C.N. Balakrishnan has said.

Only the cooperative sector would be able to do something to arrest uncontrolled price hike in essential commodities, the Minister said.

He was launching the new electronic fund (e-fund) transfer facility at the Kozhikode District Cooperative Bank on Saturday.

“The cooperative sector will be able to incorporate banking and other service sectors in the country,” he said.

New Bill

According to Mr. Balakrishnan, a new Bill was also on the card for ushering in sweeping changes in the cooperative banking sector.

The Bill would be tabled in the next Assembly session on January 22, he added.

Aswas-2014

Explaining the features of the government’s interest-waiver scheme ‘Aswas-2014’, Mr. Balakrishnan said that it would largely come to the help of people who struggled to pay back their loans with outstanding interest amount.

“The benefit of the scheme, which will be launched shortly, will be available for people from January 15 to March 15,” he added.

Later in a report explaining the features of the new service, C. Abdul Mujeeb, general manager of the district cooperative bank, said that the newly introduced electronic fund transfer facility would help in speeding up the online transactions.

RTGS and NEFT

When the Real Time Gross Settlement (RTGS) assured the completion of transactions instantaneously, the National Electronic Fund Transfer (NEFD) guaranteed the same within an hour, he said.

Mr. Mujeeb also said that the cooperative bank would shortly be part of the national ATM network, which would help the investors to withdraw their money from any ATM.

Similar services would also be considered for implementation at the primary cooperative banks affiliated to the Kozhikode District Cooperative Bank, he added.

Manayath Chandran, president of Kozhikode District Cooperative Bank, presided over the facility inauguration function.

Vice president I. Moosa, Joint Registrar in-charge P.R. Rajesh, and District Development Manager of NABARD K.P. Padmakumar were also present at the function.

More In: Kozhikode