Karimnagar, National, Politics, Telangana

Karnataka CM Siddaramaiah assures all assistance for sustainability of cooperatives

NAFSCOB chairman Konduru Ravinder Rao urges CM to park the state government funds with DCCBs for increasing the business

BENGALURU, FEBRUARY 22, 2024: Karnataka Chief Minister Siddaramaiah has assured all assistance for the strengthening of the cooperatives in the state and highlighted the role of cooperative banks in providing time loans to farmers.

He was participated as chief guest at NAFSCOB’s Regional Consultation and Workshop with State cooperative banks and district cooperative central banks on measures to expand business growth during Amrit kaal (2022-47) at Bengaluru on Thursday.  Speaking on the occasion, the CM said that the government is committed to providing all necessary assistance to cooperative institutions

Drawing on historical support, Siddaramaiah noted that both Mahatma Gandhi and Jawaharlal Nehru advocated for strengthening cooperatives, with Nehru incorporating this vision into the five-year plan. “In our budget presentation, we worked to increase the zero percent loan from Rs 3 lakh to Rs 5 lakh. The loan limit for the 3 percent interest rate has also been increased to 15 lakh,” he added.

NAFSCOB chairman K Ravinder Rao, who presided over the meeting, urged the Karnataka State Chief Minister to park the government funds with the DCCBs for its strengthening and increasing more business activities for the benefit of all sections of society. He said that they were holding consultations in the country to take measures for increasing the cooperatives credit ratio from the present 13 per cent to 50 per cent by the year 2047.

He said that they were taking all measures to increase the business of cooperatives from the traditional farming to other activities. He said that they were informing the government and its agencies to open bank accounts with the DCCBs to increase the deposits and business of the cooperative banks.

Minister for Cooperation K N Rajanna, NAFSCOB managing director Bhima Subrahmanyam, TSCAB MD N Muralidhar, Chairmen and CEOs of various DCCBs, NAFSCOB board members and others were also present.


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