KOTTAYAM — In a major move set to redefine local self-governance finance, Kerala Cooperation Minister V.N. Vasavan today said that a new scheme will soon be implemented that would allow cooperative societies with surplus-fund to disburse loans for the development projects of local self-government institutions.
Speaking at Vision 2031—a one-day seminar organized by the State government to chart the cooperative sector’s future—the Minister emphasized that meaningful local development could be achieved through stronger collaboration between local bodies and cooperative banks.
He proposed granting local self-government institutions membership in cooperative banks, allowing them easier access to loans. By encouraging these institutions to deposit their funds with cooperative banks, the move aims to promote mutual growth and contribute to the State’s overall development.
The Cooperation Department, he said, will soon hold discussions with the Local Self-Governments Minister to finalize the framework for this initiative. Necessary amendments to existing laws will also be introduced to support the plan.
Additionally, Minister Vasavan announced that the rollout of a unified software system to streamline transactions across primary cooperative societies and their branches will be completed within a month.
MLAs C.K. Asha and Sebastian Kulathunkal, district panchayat president Hemalatha Premsagar, registrar of Cooperative Societies D. Sajith Babu, and State Cooperative Bank chairman Gopi Kottamurickal attended the seminar.
Government Chief Whip N. Jayaraj presided over the inaugural function. Veena N. Madhavan, Special Secretary, Department of Cooperation, presented a detailed report on the department’s achievements over the past decade.
