Govt. will oppose move to rein in coop. societies: MVR

THIRUVANANTHAPURAM Nov. 1. The State Government has opposed the proposals mooted by the Union Government to impose certain restrictions on primary cooperative societies in the State.

These proposals, if implemented, would jeopardize the democratic functioning of the cooperative institutions, according to M.V.Raghavan, Minister for Cooperation.

The proposed legislation to bring such institutions under banking regulations would push them out of the reach of the common man, he said at a press conference here today. The 1,600 primary agricultural credit societies in the State, together had deposits to the tune of Rs.7,898 crores. Their main activities included providing short and medium term loans to needy farmers and running consumer stores and fair price outlets, besides the procurement and marketing of various cash crops produced in the State. All these activities would have to be stopped once the Central legislation was adopted, the Minister said.

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