Kerala Chief Minister Pinarayi Vijayan has said that there are attempts by forces to destabilise Kerala’s economic foundation by targeting its cooperative sector.
Speaking at the inauguration of the 70th All India Cooperative Week in Kannur on November 14, 2023, Mr. Vijayan voiced his concerns, attributing the demonetisation process some years ago as a step towards undermining Kerala’s cooperative sector. As part of this, allegations have surfaced that cooperative banks are being manipulated to keep black money, he said.
Mr. Vijayan asserted that the achievements of the cooperative sector have caused “discomfort” to certain individuals and institutions. He directed blame at the Central Government, accusing it of working against the cooperative sector’s interests, with the Reserve Bank of India (RBI) allegedly diverting investments towards corporate capital.
Mr. Vijayan also touched upon recent financial irregularities that have created controversy and tarnished the image of cooperative banks. While acknowledging instances of default by individuals or institutions, he stressed the importance of distinguishing such cases from widespread corruption.
He emphasised that decisive actions have been taken against wrongdoers but cautioned against interpreting isolated incidents as indicative of corruption across the board.
The Chief Minister cautioned against efforts to exaggerate and turn public sentiment against the State, highlighting the irreplaceable role of cooperative institutions. He vowed to take strict action against those involved in wrongdoing, emphasising the resilience and significance of Kerala’s cooperative sector.
