The Hindu Business Line : Substantial rise in co-op deposits

Thiruvananthapuram, Jan. 2 The co-operative sector in Kerala, which launched a deposit mobilisation drive between November 1 and December 15, , recorded net additional deposits of Rs 2,906 crore.

The deposit mobilisation drive, styled ‘Keraleeyam’, saw the net additional deposits exceeding the target of Rs 2,000 crore set for the year, according to the Minister for Co-operation, Mr. G. Sudhakaran.

He said here on Wednesday that the increase in net additional deposits was 250 per cent more than the amount mobilised during the first ‘Keraleeyam’ campaign in November 2006. The total deposits in the cooperative sector rose by Rs 12,189 crore in 2007.

The Minister said the total deposits in the cooperative sector were to the tune of Rs 21,000 crore when this Government assumed office one-and-a-half years ago. Since then, the deposits have increased by Rs 14,000 crore and now stood at Rs 35,000 crore.

He pointed out that the cooperative banks in Kerala gave the highest interest rates available in the country’s banking sector with the rates for long-term deposits ranging between 10.25 per cent and 12 per cent. The rates for various short-term deposits are also highly competitive.

‘Arrears settlement’

The cooperative sector in the State is launching an ‘arrears settlement’ campaign from February 1 to 29 and this will feature extending relief to farmers and workers in the lowest strata of the society who could not repay the loans taken by them for various reasons.

Those who have taken loans up to Rs 25,000 will be given a relief of five per cent in the original amount due from them during the campaign period. The relief will be four per cent for loans between Rs 25,000 and Rs 50,000, three per cent for loans between Rs 50,000 and Rs 1 lakh and two per cent for Rs 1 lakh and above.

The Government has also decided to give an interest relief of 10 per cent to those who have been repaying their loans without default.

More Stories on : Co-operatives | Fixed Deposits | Kerala

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Substantial rise in co-op deposits