The Hindu : Karnataka / Bangalore News : Cooperatives have helped small traders: G.T. Deve Gowda

Online edition of India's National Newspaper
Monday, Sep 17, 2007
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Karnataka

Karnataka - Bangalore

Cooperatives have helped small traders: G.T. Deve Gowda

Special Correspondent

— Photo: V. Sreenivasa Murthy

Joint effort: Industries Minister Katta Subramanya Naidu (centre), President of Kammavari Association K. Krishna (left) and Minister for Cooperation G.T. Devegowda (right) at the inauguration of the new building of Kammavari Credit Cooperative Socitey at Padmanabhanagar on Sunday.

Bangalore: The Cooperation Minister G.T. Deve Gowda on Sunday commended the cooperative societies in the State on their unstinting support in extending credit facility to the small and marginal traders, who would otherwise have faced hardship in expanding their business.

The Minister was speaking after inaugurating the new building of the Kammavari Credit Cooperative Society Limited at Padmanabha Nagar.

Mr. Gowda accused commercial banks of neglecting the small traders and individuals, who approached the cooperative banks and societies for loans. “The cooperative societies and other institutions in the sector were doing a great service to improve the State’s economy, and had provided employment to a large number of youth,” he said.

Potential

The interesting feature, the Cooperation Minister said, was that the cooperative societies engaged in different fields of economic and production activities, have been working with the funds provided by the lakhs of members associated with them. However, they had to compete with the commercial banks.

The societies had a great potential to grow because of their proximity to the ordinary people. While assuring the cooperative sector, particularly the financial institutions of all governmental support, the minister said that a decision has been taken to implement the Vaidyanathan Committee recommendations for strengthening the cooperative institutions in the State on a par with other banks.

He had a special word of praise for the hundreds of house building cooperative societies for their contribution in mitigating the housing demands of poor families, particularly in the urban centres.

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