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Kerala Co-operative Societies Act, 1969, has been amended according to the 97th Constitutional Amendment to ensure societies’ stable progress and growth, Minister for Co-operation C. N. Balakrishnan said today.
He told reporters a Rs 55 crore co-operative complex would be completed in 18 months for which the foundation stone had been laid, to bring all co-operative offices under one umbrella.
He said under Aaswas scheme, arrears of about Rs 2 lakh have been collected. The limit for waiving off loans of a person who died has been raised to Rs1.5 lakh from Rs 1 lakh.
Balakrishnan said audit of co-operative societies has been made mandatory and the audit report would be submitted on or before June 30, and it would be placed before the annual meeting for approval within three months, thus avoiding the societies running under loss consistently.
As part of a 45 day deposit mobilisation drive from December 1, 2012, Rs 5,194,36 crore has been mobilised as against the targeted Rs 4,500 crore. Total deposits in co-operative institutions crossed over Rs 1 trillion, he added.
The co-operative sector in Kerala has made impressive progress in the past two years, he added.
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