Even as Kerala’s cooperative banking sector is facing corruption charges, a cooperative bank in Idukki collected deposits to the tune of over ₹2 crore in two days.
According to officials, Thankamani service cooperative bank, near Kattappana, collected ₹2.18 crore as deposits through a campaign. According to officials, 318 people, including students and senior citizens, deposited money in the bank during the campaign.
Essential for survival
Water Resources Minister Roshy Augustine formally inaugurated the investment collection initiative at the Kamakshi community hall on Friday. “The cooperative sector, which mainly depends on local people, is essential for the survival of Kerala. Attempts are being made to destroy the sector and divert the money to the hands of corporate groups,” said Mr. Augustine.
Thankamani cooperative bank president Romeo Sebastian said: “Our new initiatives showed that the cooperators are ready to support the sector. The cooperator investment campaign was a big success and plans to collect ₹10 crore before November 30,” said Mr. Sebastian.
Isolated incidents
“Highlighting some isolated incidents, some groups are trying to tarnish the image of the cooperative banks in the State. The success of the investment campaign indicates that the common people still have faith in the sector,” said Mr. Sebastian.
According to officials, a supermarket, a tea factory, and agricultural labour force function under the bank.
With a capital of ₹120 crore and 15,000 members, the bank has disbursed ₹105 crore as loan. The bank also sanctioned loan to 310 youths for foreign studies and jobs.
