The cooperative sector is essential for the development of the country, Finance Minister K.N. Balagopal has said.
Inaugurating the distribution of the Kerala Bank Excellence Award and a cooperative meet here on Wednesday, he said the growth of cooperative banks was crucial for development. “Cooperative banks have around 87 lakh customers and a deposit of ₹2.5 lakh crore. The strength of the cooperative sector is the assurance that not even a single investor will lose money. Laws brought against this can only be seen as an anti-development stand. The cooperative movement has gained the trust of people and attempts to destroy it should not be allowed,” said Mr. Balagopal.
The Minister added that competitive measures were expected from the sector and diversification would make it stronger.
He handed over the awards to the Kadakkal, Punalur and Kulasekharapuram Service Cooperative Banks that came in the first three positions. M. Naushad, MLA, presided over the function. Kerala Bank Director G. Lalu, General Manager G. Suresh Kumar, Deputy General Manager P. S. Vineet, and officials of various organisations in the cooperative sector were also present on the occasion.
