Co-op Societies Being Run on Profit: Min

Published: 21st November 2015 06:13 AM  |   Last Updated: 21st November 2015 06:13 AM   |  A+A-

VELLORE: The re-organised cooperative societies in the district, since the 2011 Assembly elections have been running on profit, said School Education minister K C Veeramani while inaugurating the 62 All India Cooperative Week celebrations here on Thursday.

Handing over `2.84 crore loan assistance to women self-help groups and differently-abled persons for starting small business ventures through the cooperative banks, he said that in the last three years after elections to cooperative societies in the district,  societies have improved their profit margin. They earned a profit of `7.25 crore in the first year, `10 crore in the second year and `12 crore in the third year.  All the cooperative banks put together in the district have given away loans to the extent of `1423 crore so far, he added. Societies, banks, godowns, marketing outlets and godowns, which were hitherto functioning in rented buildings in the district have now moved to their own buildings, he added.

He said that the district is blessed with 945 cooperative societies. , which have become farmer-friendly ever since polls were held for them after a gap of 17 years.

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