Mysuru:  There are 42,000 Co-operative Banks and Societies in rural and urban areas working for the economic development of the country, said N. Ganganna, President, Karnataka State Co-operative Federation, Bengaluru.

He was speaking after inaugurating the State-level (Hi-tech) Chief Executive Officers (CEOs) and Senior officials special workshop for  all-round development of Co-operative Banks in Mysuru Division, jointly organised by Karnataka State Co-operative Federation, Karnataka State Urban Banks Federation, Mysuru District Co-operative Union and Bengaluru District Co-operative Union at a private hotel here yesterday. 

There are 1,564 Urban Co-operative Banks doing a transaction of Rs. 2 lakh crore and in Karnataka there are 264 Urban Co-operative Banks with a deposit of Rs. 39,000 crore and advances of Rs. 24,000 crore. Hence, the trust that the people have imposed on us should not be betrayed, he said.

The Co-op. Banks and Societies must work under the guidance of Reserve Bank of India and Co-operation Department and whenever any amendments take place it is the duty of the CEOs to bring it to the notice of the Administrative Board as the members of the Board keep changing every five years, while the CEOs and officials remain till their tenure ends, said Ganganna.

The way forward for the Co-operative sector is to move from villages to cities just like the nationalised banks are moving from cities to villages. The CEOs must help the farmers regarding the loan waivers, he said.

Federation Vice-President N. Chandrappa opined that loan waivers are a potential threat to the very existence of Agricultural Credit Co-operative Societies.

Pointing out that Urban Co-operative Banks are running successfully because customers are treated in a friendly-manner, he underlined the role of the CEOs in the success of Banks.

Stressing on the need to be updated on the changes that the RBI makes from time to time, Chandrappa emphasised on the need to have a proper understanding of Banking Regulatory Act.

Noting that most of the politicians began their career through Co-operative Banks, he regretted that after coming to power, they tend to neglect the Rural Co-operative Banks.

Directors A.K. Manu Muthappa, S.B.M. Manju, State Federation Managing Director S. Arun Kumar, Co-operative Union, Mangaluru Division Assistant Registrar S.G. Manjunath Singh, Deputy Registrar Dr. Suresh Gowda and others were present.

Mysuru District Co-operative Union CEO G.M. Channabasappa welcomed. Nearly 70 CEOs and senior officials attended.