Addressing journalists, Kerala Minister of Cooperation said the state government had helped Kerala State Rubber Cooperative Ltd (Rubco), Kerala State Co-operative Marketing Federation (Marketfed) and Kerala State Cooperative Rubber Marketing Federation (Rubbermark) with big loans through state cooperative bank and district cooperative banks.
These loans have enabled them to overcome their financial difficulties. The three cooperative bodies have to pay now their loans direct to the state government, Hindu quotes the minister saying.
The minister’s statement puts paid to the contrary claim being made in some quarters. It is worth repeating that these three cooperative bodies had opposed the government plan to create Kerala Bank by merging all cooperative banks including State cooperative bank.
These cooperatives together had taken a loan of Rs 306.75 crore.