If everything goes as planned, the Agricultural Credit Cooperative Society of Kanaginahal, which has the distinction of being the first cooperative society in the whole of Asia but now in a bad shape, will revert to its lost glory.
The Karnataka Cooperative Apex Bank has taken initiatives to revive the cooperative organisation located in Kanaginahal village of Gadag district. Accordingly, the Cooperative Apex Bank has released Rs. 1 crore special grants.
Chairman of Cooperative Apex Bank K.N. Rajanna said tat the society at present is in a bad shape and owes Rs. 68 lakh to depositors. The Cooperative Apex Bank would provide Rs. 1 crore interest free financial assistance to the society. While Rs. 68 lakh would be used to repay the depositors, the remaining amount would be utilised to disburse farm credit among peasants.
Besides extending support for the revival of the society, the Cooperative Apex Bank had initiated disciplinary action against the society’s secretary who is accused of misappropriating the funds and causing loss to the society, Mr. Rajanna said.
Established on July 8, 1905, the cooperative society launched the cooperative movement in the State. Its founder, Siddanagouda Sannaramanagouda Patil (1843-1933), launched the society with an initial sum of Rs. 2,000. Initial work taken up by the cooperative society was to build the railway station in the village and provide safe drinking water facility to villagers. During the later days it played a key role in empowering farmers and the marginalised sections. However, it ran into trouble allegedly due to politics and mismanagement.
