CM for freeze on new branches of traditional co-op societies

NT Reporter | Sankhali

Chief Minister Pramod Sawant on Sunday said that, in recent years, co-operative societies across the state have been seen to be weakening, particularly as cases of loan defaults continue to surface.

Senior citizens,  who put their life savings in these societies because they may get slightly more interest are bearing the brunt of this, Sawant reckoned.

Speaking at a programme held at Ravindra Bhavan in Sankhali, the Chief Minister said, “There is a need to stop giving permission to traditional credit societies for new branches, and a decision will be taken accordingly.”

Going forward, loans given by all cooperative societies will be linked to the  central government’s insurance scheme, Sawant said. 

He said the scheme of providing insurance cover to loanees by paying an annual fee of Rs 250 will be implemented so that bad loans can be protected.

He emphasised on rural development to bring true prosperity through co-operation.

Sawant said the Atmanirbhar Bharat and  Swayampurna Goa have  been more than 50 per cent successful, and that incentives are being given for flower farming, horticulture and milk production.

“Although there is an economic revolution today, farmers are facing many crises due to climate change. Some planning based on the co-operative principle is needed to deal with these challenges, and the government will make definite efforts in that regard,” Sawant said.

The Chief Minister said the government is trying to promote Swadeshi. While using modern technology, various initiatives will be taken to bring group farming and wasteland cultivation to an energetic state, and co-operation will be added to it.

Sawant announced that financial assistance will be distributed to farmers affected by the rains before December 30.

Goa State Cooperative Bank chairman Pandurang Kurtikar and other dignitaries were present at the programme organised by the Thrift Cooperative Association in the light of  the Co-operative Week.

Dignitaries from the cooperative sector were also felicitated, and a special lecture was organised on the theme of ‘prosperity through co-operatives’.