Minister for Cooperation C.N. Balakrishnan has called on marketing cooperative societies to sell their assets and pay back deposits they mobilised.

Speaking at an interaction with office-bearers of cooperative societies here on Monday, he said that the practice of the societies taking no responsibility for the deposits they collected could not be allowed.

He also said the government would take all steps to safeguard the cooperative movement. He said that over 10,000 women’s cooperative societies in the State were now in a crisis. Only very few women’s societies were functioning properly, he said adding that the cooperative societies of the Scheduled Caste and Scheduled Tribe were also facing difficulties.

The Minister said that steps would be taken to tide over rules that were causing inconvenience to the cooperative societies. The State used to have nearly 11,000 co-operative societies functioning without holding any meeting and auditing their accounts for years. All those societies started functioning properly with the introduction of the 97th constitutional amendment, he noted.

District Cooperative Bank president A.K. Balakrishnan presided over the meet. Joint Registrar of Cooperatives Sanal Kumar were among those present.

Cooperative Department officials, director board members of the cooperative societies in the district, cooperative union office-bearers were among those present at the interaction.

  • Societies told to sell assets to pay back deposits

  • All steps to safeguard sector promised