Demonetisation: Coops to seek extension of loan repayment period

Cooperative leaders, who will be descending on the city for 63rd All India Cooperative Week-2016 celebrations on November 18, will be seeking extension of period of repayment of loans.

Addressing media on the eve of the programme at Nehru Maidan on Thursday, president of South Canara District Central Cooperative (SCDCC) Bank Dr M N Rajendra Kumar said, “We will appeal to Chief Minister Siddaramaiah through State Minister for Cooperation H S Mahadeva Prasad to extend the period of paying instalments as the farmers who have obtained loans will not enjoy the benefit of exemption on rate of interest, in the case of expiry of the period.”

 “In the wake of demonetisation of currency notes of Rs 500 and Rs 1,000, the cooperative banks are restricted from collecting deposits or instalments towards loan. It will put farmers into hardship who have secured either short-term, mid-term or long-term loans. It would benefit such farmers if the period of repayment is extended,” Kumar said.

Kumar said, if the government decides otherwise, the cooperatives will think of the next step.

Sahakari Ratna awards
Kumar said former MLA K Amarnath Shetty and MLC Motamma will be conferred ‘Sahakari Ratna’ awards at the convention.

Shetty hails from Moodbidri in Dakshina Kannada district and Motamma from Chikkamagaluru district. As the duo were relatively close to the district, they refused to accept the awards at the convention held at Koppal and hence, will be awarded here, he clarified.

As many as 6,000 people from several parts of the district are expected for the meet that will be inaugurated by Cooperation Minister H S Mahadev Prasad at 10.30 am.

Minister for Forest, Ecology and environment B Ramanath Rai, who is in charge of the district, will hoist the flag, while Food and Civil Supplies Minister U T Khader will release special edition of ‘Sahakara’, the voice of the Cooperation Department.

Minister for Fisheries, Youth Services and Sports Pramod Madhwaraj will present awards to best cooperative societies. The president of Karnataka State Cooperatives Federation Shekar Gowda V Mali Patil will preside over the programme.

Prior to the conference, a mammoth rally of 5,000 people will be taken out from SCDCC Bank premises to programme venue, Kumar added.
DH News Service