Terming demonetisation \u201can unprecedented attack on the cooperative sector of this country\u201d, Kerala Chief Minister Pinarayi Vijayan has said that the Kerala government took on the Centre to ensure that the cooperative banks remain unscathed from the impact of note ban.<\/p>\n
\u201cDuring demonetisation, there was an unprecedented attack on the cooperative sector of this country which is an alternative to the global corporate giants which are making this world a hotspot of conflict,\u201d said Vijayan, adding that it was the Left Democratic Front government in Kerala which took the fight on the issue to the Centre. \u201cEven the Supreme Court had to ask why there was so much hostility towards the cooperative sector. We were able to ensure that not even a rupee deposited in the cooperative banks of the state was lost,\u201d he said. He was speaking at the launch of the book \u2018Building Alternatives: The Story of India\u2019s Oldest Construction Workers\u2019 Cooperative\u2019 by Kerala\u2019s Finance Minister Thomas Isaac, and Michelle Williams, Associate Professor at Wits University (Johannesburg).<\/p>\n
Isaac said the primary cooperatives play a vital role in financing Kerala\u2019s agriculture and raise huge deposits, unlike in other states. \u201cAbout 31 per cent deposits in Kerala are from the primary cooperatives. We have learned big lessons from demonetisation. With demonetisation, no deposits could be withdrawn from cooperatives. The Central government doesn\u2019t accept them as banks unless they give up non-banking activities. That\u2019s not how our societies have come up,\u201d he said. He said this is where the idea of a Kerala Bank emerged from \u2014 a large bank integrating district cooperative unions and state cooperative banks. Saying that cooperatives are a way in which small production can survive, economist Prabhat Patnaik said, \u201cDemonetisation not only dealt a heavy blow against the petty production sector but demonetisation was a big blow against cooperative movement in Kerala, a state with a very developed cooperative movement.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Terming demonetisation \u201can unprecedented attack on the cooperative sector of this country\u201d, Kerala Chief Minister Pinarayi Vijayan has said that the Kerala government took on the Centre to ensure that the cooperative banks remain unscathed from the impact of note ban. \u201cDuring demonetisation, there was an unprecedented attack on the cooperative sector of this country […]<\/p>\n","protected":false},"author":1,"featured_media":26389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-26388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=26388"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26388\/revisions"}],"predecessor-version":[{"id":26390,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26388\/revisions\/26390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/26389"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=26388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=26388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=26388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}