Minister cracks whip on co-operative societies

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google News“In some co-operative societies, there are cases of misappropriation of money and I have directed the officials concerned to submit a list of names of such institutions,” said Co-operation Minister B J Putta Swamy.He told reporters at the inspection bungalow here on Sunday that of the 21 district banks in the state, the Kolar District Central Co-operative Bank sustained loss because of defaulters and has become defunct, while other banks are running on profit.“Co-operative banks are advancing crop loans to farmers at zero per cent interest. The government will reimburse the difference to NABARD. Nationalised banks are keeping a high profile. Co-op banks, built on the basis of mutual co-operation, help the poor and middle class get a good economic foundation,” he said.Despite good progress, there are allegations of embezzlement of funds in some co-op banks, co-op institutions and housing societies, specially in Bangalore, Putta Swamy said that he had instructed officials to submit the list of such societies to stop further irregularities.To a query on if B S Yeddyurappa still enjoyed clout in the BJP, he shot back saying that if he was not, he would not have enjoyed the support of 70 MLAs, 13 MPs and 26 MLCs. He declined to comment on D V Sadananda Gowda’s statement in Davangere that the party would face the Assembly elections under the leadership of Jagadeesh Shettar.first published:January 01, 1970, 05:30 ISTlast updated:January 01, 1970, 05:30 IST
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“In some co-operative societies, there are cases of misappropriation of money and I have directed the officials concerned to submit a list of names of such institutions,” said Co-operation Minister B J Putta Swamy.

He told reporters at the inspection bungalow here on Sunday that of the 21 district banks in the state, the Kolar District Central Co-operative Bank sustained loss because of defaulters and has become defunct, while other banks are running on profit.

“Co-operative banks are advancing crop loans to farmers at zero per cent interest. The government will reimburse the difference to NABARD. Nationalised banks are keeping a high profile. Co-op banks, built on the basis of mutual co-operation, help the poor and middle class get a good economic foundation,” he said.

Despite good progress, there are allegations of embezzlement of funds in some co-op banks, co-op institutions and housing societies, specially in Bangalore, Putta Swamy said that he had instructed officials to submit the list of such societies to stop further irregularities.

To a query on if B S Yeddyurappa still enjoyed clout in the BJP, he shot back saying that if he was not, he would not have enjoyed the support of 70 MLAs, 13 MPs and 26 MLCs. He declined to comment on D V Sadananda Gowda’s statement in Davangere that the party would face the Assembly elections under the leadership of Jagadeesh Shettar.