Maintaining that the co-operative sector is making great strides in the State, Vice-President of Karnataka Rajya Souharda Samyuktha Sahakari Niyamitha H.V. Rajeev said that the co-operative sector is growing at a fast pace while also providing huge job opportunities to the youth.

Addressing the media here yesterday, Rajeev said that all Co-operative Societies put together in Karnataka are paying a revenue of Rs. 1.5 crore per day.

Pointing out that there were 3,990 Co-operative Societies in Karnataka, he said that the total share amount of the Societies is Rs. 600 crore, with deposits amounting to Rs. 11,000 crore. The total working capital is Rs.16,500 crore and Rs. 8,000 crore has been advanced as loans. The profits stand at Rs. 175 crore and the sector has provided over 60,000 jobs, he added.

Asserting that the Government is also benefited as its e-stamping facility is handled by Co-operative Societies, he said that there is no loss of revenue as was witnessed in the multi-crore stamp paper scam.

“In response to the demand of Co-operative Societies, the State Government has set up separate courts to try big cases related to the sector as over 10,000 cases were pending. In keeping pace with the growth of the Societies, the Government has started Regional Offices of the Co-operative Department in Bengaluru, Mysuru, Belagavi and Kalaburagi,” Rajeev said.

Stating that more and more youth and women are taking part in the Co-operative movement with the growth of Self Help Groups (SHGs), he said that the University of Mysore was asked to study and evaluate the functioning of Karnataka Rajya Souharda Samyuktha Sahakari Niyamitha.

Campco Chairman S.R. Satish Chandra, MD Sharana Gowda G. Patil and others were present.