Chief Minister Pinarayi Vijayan on Monday urged the public to be on guard against attempts to destroy the State’s vibrant cooperative sector.
The sector should turn more efficient and stronger to effectively combat such attempts, the Chief Minister said, inaugurating the Vidyanidhi deposit scheme for children launched by the Kerala Bank.
Attempts to weaken the sector did not reflect a healthy trend. The sector had been able to survive similar attempts in the past, Mr. Vijayan said, calling for robust defensive measures, especially on the part of the Kerala Bank. Forces that target the Kerala Bank would first aim for the cooperative sector, he said.
There were numerous primary banks and urban banks affiliated to the Kerala Bank in the State, Mr. Vijayan said. Certain sections were now insisting that the primary banks should be referred to as primary agricultural cooperative societies. But it should not be forgotten that it was the primary banks that created banking literacy in the State, he said.
Teaching children to lead a good life was more important than inculcating saving habits in them, the Chief Minister said.
Minister for Cooperation V.N. Vasavan, who presided, said the State Government had the power to protect the cooperative sector. The contents of the recent statement issued by the Reserve Bank of India (RBI) pertaining to the sector was baseless and misleading, Mr. Vasavan said. The State Government intended to approach the court for a solution, he said.
Children in Classes 7 to 10 could open savings bank accounts in Kerala Bank under the Vidyanidhi scheme. The scheme came with a number of offers. Food and Civil Supplies Minister G. R. Anil released the theme song of the Kerala Bank. Transport Minister Antony Raju also spoke.
