“The co-operative movement in Kerala is a model for India and the world. But it is not without setbacks and all those should be rectified. Plans should be mooted to move ahead effectively,” said K P Dhanapalan MP in Kalady on Tuesday.
He was inaugurating the fourth branch of the Urban Co-operative Bank here. “While financial institutions are facing uncertain future, the only hope of security is the co-operative sector,” said Dhanapalan.
The Urban Co-operative Bank has been serving the Aluva municipality and the five nearby panchayats and has a record of 85 years of sincere service. MLA Anwar Sadat, while inaugurating the safe deposit lockers, said that the bank has a long way to go and for that it has to find innovative methods and customer-friendly schemes. The meeting was presided over by bank chairman Advocate Abdul Muthalib. “The bank is one of the few co-operative institutions to obtain a licence from the RBI,” he said.
He added that the RBI has also given permission to start two more branches.
M O John, member of Agricultural Loan Relief Commission and Jose P Andrews, vice-chairman of the bank were felicitated on the occasion.