The Cooperation department is preparing a project under the Deposit Guarantee Scheme for ensuring the security of deposits in cooperative banks, Minister for Cooperation V.N. Vasavan said on Monday.
Replying to the discussion on demand for grants in the Assembly, he said it was not right to question the credibility of the cooperative sector on the basis of isolated incidents. The deposit mobilisation drive conducted by the department attracted deposits to the tune of ₹9,967.43 crore against the targeted ₹6,000 crore, which proved the credibility of the sector. The department also proposed to introduce service rules with clearly defined service conditions for employees in the cooperative sector this year itself, Mr. Vasavan said.
