Banks have drifted away from the common man, says Co-operation Minister Kadakampally Surendran

Though the bank nationalisation of the 1970s was aimed to get banks closer to the people, when the times changed, like the new gen banks, they too have drifted away from the common man, he said.

Published: 18th May 2018 02:45 AM  |   Last Updated: 18th May 2018 02:45 AM   |  A+A-

Kerala Minister Kadakampally Surendran. (File | EPS)

By Express News Service

KOCHI: Though the bank nationalisation of the 1970s was aimed to get banks closer to the people, when the times changed, like the new gen banks, they too have drifted away from the common man, Minister for Co-operation Kadakampally Surendran said on Thursday.He was speaking after inaugurating the Ernakulam District Government Contractors' Co-operative Society at a function held in BTH Sarovaram in Kochi.

“Banks are being merged and giant banks are created and giant banks prefer to cater to giant corporates while large sums of money swindled through corporate loan scams are the deposits of common men and NRIs,” added the minister.He also said it was the state's robust co-operative sector which came first to support Kochi's prestigious projects including CIAL, Gosree bridge and Kochi Metro. At Kochi Metro's concept stage itself, Ernakulam District Co-operative Bank came up with a support of more than Rs 400 crore.

“When big banks move away from the people, co-operative sector and the proposed Kerala Bank can protect the interests of the people,” said the minister.

In this background, the Co-operative society formed by the government contractors is timely and relevant.
Earlier, in his presidential address, the president of the new society K D George said the main aims of the society include financial support to the members, including discounting the bills of completed contract jobs and providing training and technology support.“In addition to these, the society would also like to support environmental activities, organic farming, palliative care and educational needs of the poor, he said.

He also pointed out a co-operative society of government contractors in Kannur has recently discounted a bill of a completed job up to 85 per cent of its value. That means such societies can come really handy to the members.He also said it is for the first time the government contractors of the district are forming such a co-operative society,.

Mayor Soumini Jain unveiled the new society's logo and accepted the first deposit while John Fernandez MLA released the souvenir and distributed cash awards and mementoes to the children of the members who secured full A+ in SSLC examination at the function.

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