Special Correspondent

Cooperative sector secures Rs.12,189 crore more in 2007

Total deposit now stand at

Rs.35,000 crore

Settlement campaign from February 1

THIRUVANANTHAPURAM: The deposit mobilisation drive launched by the cooperative banks in the State between November 1 and December 15, 2007, recorded net additional deposit of Rs.2,906 crore, Cooperation Minister G. Sudhakaran said here on Wednesday.

Mr. Sudhakaran said the drive, ‘Sahakarana Nikshepam Keraleeyam,’ saw the net additional deposit exceeding the target of Rs.2,000 crore set for the year. This was 250 per cent more than the amount mobilised during the first campaign in November 2006.

The total deposit in the cooperative sector rose by Rs.12,189 crore in 2007, he said.

The Minister said the total deposit in the cooperative sector was to the tune of Rs.21,000 crore when the LDF government assumed office. Since then, the deposit increased by Rs.14,000 crore and now stood at Rs.35,000 crore.

He pointed out that the cooperative banks in Kerala gave the highest interest rates available in the country’s banking sector with the rates for long-term deposits ranging between 10.25 per cent and 12 per cent.

The rates for various short-term deposits were also highly competitive.

The cooperative sector would launch an ‘arrears settlement’ campaign from February 1 to 29, extending relief to farmers and workers in the lowest strata of society who could not repay their loans for various reasons.

Those who had taken loans up to Rs.25,000 would be given a relief of five per cent in the original amount due from them during the campaign period.

The relief would be four per cent for loans between Rs.25,000 and Rs.50,000 and three per cent for loans between Rs.50,000 and Rs.1 lakh and two per cent for Rs.1 lakh and above. The government decided to give an interest relief of 10 per cent to those who had been repaying their loans without default.