Cooperation minister KN Rajanna on Sunday said that theSiddaramaiahgovernment has decided to set up a cooperative Society in every gram panchayat to facilitate cooperative-related Banking activities across the state.
He was speaking after unveiling the plaque at the centenary celebrations of the Graduates Cooperative Bank. He said the intention behind formation of these societies is to bring people of all communities, irrespective of their economic and social background, under the cooperative banking sector to avail facilities provided by the bank.
Shareholders of these societies can enjoy all facilities like interest free, subsidised loan up to Rs 5 lakh and crop loan. The government will also distribute seeds, chemicals and Fertilizers and promote other community activities under these societies.
He suggested the Graduates Cooperative Bank to utilise Rs 18 crore welfare fund it has reserved to utilise for the welfare of the shareholders Health and Education.
Social welfare and Mysuru district minister HC Mahadevappa asked cooperative bodies, institutions to come up with inclusive initiatives to involve all communities to enjoy government facilities. He said thatKarnatakais the cradle of cooperative movement in the country.