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A widespread campaign to destroy the cooperative sector

An try is made to discredit the sturdy interventions of the state authorities to make sure the credibility of the cooperatives. The federal government has taken steps to guard the curiosity of traders, together with teams which have suffered collapse within the final 10 years. Karuvannur Financial institution additionally had an identical place. The corrupt had been delivered to justice. By hiding this stuff, the propaganda that your complete cooperative sector in Kerala is a multitude is to guard the political curiosity of the central authorities and the BJP.

Those that promote that there are 164 teams that can’t return the quantity invested cover the truth that 132 of them are welfare, residence affiliation and labor teams. Most often, motion was taken to pay the traders. None of those are massive banks that settle for massive deposits from the general public.

In 52 complaints since 2014, correct investigation was achieved in Co-operative Financial institution, motion was taken in opposition to the culprits and mechanism was put in place to pay the depositors. These banks are situated in Kollam, Kottayam and Malappuram districts. A lot of the co-operative banks which have collapsed resulting from corruption and irregularities are UDF-run. In all this, the federal government has given significance to the curiosity of the traders.

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