Cooperative banks: CPM plans Satyagraha

Published: 04th December 2012 10:18 AM  |   Last Updated: 04th December 2012 10:18 AM   |  A+A-

The CPM will organise a satyagraha in front of the Cooperative Registrar’s office here and Joint Registrar’s offices in other districts on December 5 in protest against the UDF Government move to capture the administration of district cooperative banks.

 A statement from the CPM secretariat said that the decision to revise the bylaw of the cooperative banks after convening a general body meeting was aimed at capturing the administration of the banks. The joint registrars had given notices to all the coop banks to convene the general body meeting before December 7 and approve the bylaw revision.  The move is to provide membership to paper organisations of the UDF and other Congress supported members and gain control of the bank administration.  In Thrissur, police used force during the general body meeting to ensure that the revised bylaw was approved by it. 

The CPM secretariat said that the cooperative sector had played a major role in the development of the state. It was a great relief to the villagers who can now avail of loans at low interest from the cooperative banks when they were looted by the private money lenders.  The Union and State Governments are now on an effort to destabilise the banks by amending the Constitution as part of the globalisation policy. 

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