: District Minister bats for new laws to prevent irregularities, scams in Co-operative Societies #IndiaNEWS #News Mysore/Mysuru: Expressing concern over increasing cases of irregularities and scams

District Minister bats for new laws to prevent irregularities, scams in Co-operative Societies #IndiaNEWS #News
Mysore/Mysuru: Expressing concern over increasing cases of irregularities and scams in Co-operative Societies, Co-operation and Mysuru District In-charge Minister S. T. Somashekar said that stringent laws are needed to prevent scams.

He was speaking at the valedictory of 69th All India Co-operative Week organised by Karnataka State Co-operative Federation at KSOU Convocation Hall here yesterday.

Noting that a Rs. 1,270 crore massive scam was unearthed in Bengaluru’s Raghavendra Co-operative Bank, Somashekar said that similar scams have been reported from several other Co-operative Banks/Societies in the past few years, which is a matter of great concern. As such, stringent laws are the need of the hour for reposing public trust in Co-operative Societies and Banks, he said adding that the RBI too has taken stringent action to prevent frauds and scams.

Maintaining that the previous Government had given a go-by to Yeshasvini Health Scheme, which was introduced when S. M. Krishna was the Chief Minister two decades ago, Somashekar said that now the Bommai Government has re-launched the popular health scheme on Nov. 14. More than 1 lakh farmers have enrolled for the scheme thus far, he added.

Stating that 21 DCC Banks in the State are running profitably, the Minister said that 3,500 out of the 5,700 PACCS (Primary Agricultural Credit Co-operative Societies) are functioning from their own buildings. The co-operative sector is growing by leaps and bounds over the years, he said adding that these Societies and Banks are playing an imperative role in the country’s economy by extending loans to farmers.

Chamundeshwari MLA G. T. Devegowda (GTD), who is also Karnataka Co-operative Federation Chairman, said that it is high time Co-operative Societies make an introspection of themselves. Stressing on the need for following discipline, dedication and determination in Co-operative Institutions, he said that though the co-operative sector is witnessing an upward growth, it must be ensured that there are no derailments or lapses in growth.

GTD further said that Co-operative Societies have been playing a crucial role in poverty alleviation. Asserting that he grew up in politics because of co-operative sector, he observed that the sector has helped many politicians like him.

MLC Madhu G. Madegowda, in his address, regretted increasing political interference in the functioning of PACCSs. Calling upon the Co-operation Minister to stop such interference, he warned that interference will badly affect the health of the co-operative sector.

‘Sahakara Ratna’ award was conferred on the following co-operative sector achievers: Puttaiah, Dr.