CM Pinarayi Vijayan pledges safety of investments in coop. sector, vows action against irregularities

Alluding to instances of malpractices in Kerala’s cooperative sector, Chief Minister Pinarayi Vijayan has sought to reassure the public that the money invested in the cooperative sector remains safe.

Inaugurating the State-level celebrations of the 71st All India Cooperative Week at a function held in Ernakulam on Thursday (November 14, 2024), he added that the government guarantees the safety of all investments and savings in cooperative banks, and has adopted all necessary steps to address irregularities in the sector.

The Chief Minister highlighted the cooperative sector’s significant contributions to Kerala’s economy, noting that the sector has expanded beyond national borders and earned a reputation for being free from corruption in financial transactions. He also praised the sector’s growth, with investments totalling over ₹2.5 lakh crore. The credit sector, he added, continues to perform well, ensuring financial stability for the State.

While celebrating the sector’s achievements, Mr. Vijayan did not shy away from addressing its current challenges, urging swift intervention to tackle corruption. He acknowledged the increasing distress among investors due to reports of irregularities in certain areas.

“While Kerala’s cooperative sector has been a symbol of trust and transparency, we are now seeing questionable activities occurring in certain places. Such irregularities, although limited, must be addressed to prevent any damage to the sector’s reputation,” he said. He also opined that relaxed regulatory frameworks, which had been introduced to encourage the sector’s growth, has played a role in enabling cooperative institutions achieve unparalleled growth. However, such reforms should not come at the cost of financial discipline and accountability.

Every cooperative organisation is required to conduct regular audits, and such exercises must be followed by swift corrective actions if discrepancies are found, he directed.

He also lashed out at the exaggerated portrayal of such issues, accusing certain quarters of deliberately downplaying the success of the cooperative movement and creating undue panic. Behind such a campaign is a push to weaken the cooperative model, Mr. Vijayan alleged.

Minister for Cooperation, Ports and Devaswoms V.N. Vasavan presided over the function.

Industries, Law and Coir Minister P. Rajeeve, legislators K.N. Unnikrishnan, T.J. Vinod, Anwar Sadath, Kochi Mayor M. Anilkumar, Kerala State Cooperative Union chairman N. Koliakode Krishnan Nair, Kerala Bank president Gopi Kottamurickal, Cooperative Department Special Secretary Veena N. Madhavan and the Registrar of Cooperative Societies D. Sajith Babu were among those who were present on the occasion.

Published - November 14, 2024 07:55 pm IST