Earn public confidence, banks told

Special Correspondent

SHIMOGA: President of the Shimoga District Central Cooperative Bank R.M. Manjunath Gowda said here on Wednesday that there was a need to strengthen the cooperative banks by earning people’s confidence in the cooperative movement.

Inaugurating a cooperative training camp organised by the State Cooperative Federation and the District Cooperative Union, he said that though the waiver of the cooperative loan and the interest on it by the Government had caused an additional burden on cooperative institutions, people’s faith in them coupled with the timely help of the Government had enhanced their stability.

He said that the Government’s grant to the tune of Rs. 20 crore and the mobilisation of the deposits from the public to the tune of Rs.11 crore by his bank had been possible because of the people’s confidence in the functioning of the cooperative institutions.

He wanted the primary credit cooperative societies to follow suit to improve their performance not only by mobilising deposits but also by extending credit.

Mr. Gowda emphasised the need for popularising “Yashshwini” insurance scheme for the benefit of the poor people. He said about 80,000 beneficiaries were covered so far under the scheme as against the target of one lakh beneficiaries.

President of the District Cooperative Union Umblebylu Mohan who presided over the function suggested that cooperative societies extend help to the poor and needy people on the principles of cooperation. He suggested to them to improve their loan recovery by taking the borrowers into confidence.

Assistant Director of Information Devarajaiah said that cooperative institutions should not lag in helping people. Director of the District Cooperative Union Umakanth Upadhyaya welcomed the gathering.

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