News Karnataka
Saturday, December 10 2022

Foreign Banks Threatening Co-op Societies and Indian Economy: H K Patil

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Dharwad: “The banks of foreign origin and their wrong policies have threatened the very existence of our cooperative societies which have been serving the society as the tools of self-reliance for rural people, said Rural Development and Panchayat Raj Minister H K Patil.

Speaking after inaugurating the 63th All India Co-operative Week celebrations and launching of the logo of Karnataka Co-operative Credit Bank’s Centenary celebrations here on Monday, Patil said the banks with foreign roots have also impacted the health of our banking system in the country. Farmers are not willing to transact with such banks which have become impediments in the road for economic development, he said.

The Reserve Bank should come forward to support cooperative banks by withdrawing certain unwanted policies; crop compensation must be distributed through Co-operative societies, he opined.

Karnataka State Co-operative Federation President Shekhargouda Malipatil said Karnataka is second in the country with respect to the development of milk growers and co-operative credit societies.

Textile Minister Rudrappa Lamani released the logo of KCC Bank’s centenary celebrations. MLA B R Yavagal, MLC Srinivas Mane, District Co-operative Union President Bapugouda Patil, KCC Bank President I S Patil and others were present.

Foreign Banks Threatening Co-op Societies and Indian Economy: H K Patil

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