24th September 2021

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‘Cooperation’ closes in Gujarat; Between 1995 and 2005, several co. Bank closed

The co-operative motion in Gujarat began actively through the time of Mahatma Gandhi. After independence, co-operatives strengthened within the credit score and dairy sectors. The energy of the white revolution in India was the Anand-style dairy co-operatives in Gujarat. Within the Eighties, the co-operative sector accounted for 65-70 per cent of the full financial institution transactions within the state. Later it was seen that the co-operative sector was being launched.

Corruption, embezzlement and lending to massive enterprise are additionally widespread, resulting in the collapse. The co-operative sector has grow to be alien to small farmers and the poor. First the Congress after which the BJP dominated the co-operative sector. When the BJP got here to energy in 1995, it moved to grab management of the co-operative sector.

Corruption begins with unsecured loans
The rip-off concerned unsecured loans to the financial institution’s board of administrators’ personal homeowners and establishments together with board members. Between 1995 and 2005, a number of banks, together with the District Co-operative Banks, closed. Throughout this era, loans value Rs 10,000 crore have been swindled.

First closed was Panchmahal District Financial institution
In June 2003, a co-operative rip-off involving a Gujarat minister got here to mild. The case alleges that the then Minister of State for Animal Husbandry, Prabhat Singh Chauhan, embezzled Rs 124 crore from the Panchmahal District Co-operative Financial institution. A number of individuals, together with MPs, MLAs and financial institution officers, are accused within the case of giving loans to paper co-operatives. Panchmahal Financial institution was the primary district co-operative financial institution to be shut down following the rip-off.

This was adopted by the collapse of the Visnagar Co-operative Financial institution, which had a deposit of Rs 450 crore. Bholabhai Patel, chairman and Congress chief, was concerned within the rip-off. The then Modi authorities was unwilling to analyze and take motion on the rip-off. Following the collapse of this financial institution, prospects withdrew Rs 5,000 crore from co-operative banks.

Ahmedabad: The General Co-operative Financial institution in Ahmedabad, which had belongings of Rs 120 crore, collapsed after its chairman Hasmukh Shah lent Rs 50 crore to its personal corporations. The Diamond Jubilee Co-operative Financial institution in Surat, which had belongings value Rs 130 crore, collapsed following the conspiracy of BJP chief CR Patil. The BJP authorities was not even keen to file a case towards the hackers.

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