IndiaWhy Co-operation Ministry to Amit Shah? This is what Thomas Isaac...

Why Co-operation Ministry to Amit Shah? This is what Thomas Isaac says


Highlight:

  • Move to destroy co-operative banks
  • The name of the bank will be lost
  • Control will come to the state co-operative sector

Kochi: Former Finance Minister Thomas Isaac has opposed the formation of the Union Ministry of Co-operation. He said the aim was to destroy the primary co-operative banks in Kerala.

Thomas Isaac says, Why was Amit Shah given the charge of the Ministry of Co-operation? The BJP’s co-operative sector in Gujarat was taken over by Amit Shah. But as the Union Minister for Co-operation, how can the co-operatives in Kerala be taken over? Co-operative Societies in Kerala are functioning under the Registrar of Co-operative Societies as per the Act passed by the Assembly. Co-operative societies in Kerala cannot issue orders from the center. So what is the BJP’s game plan? Let me tell you my guess.

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In Kerala, the BJP has now started ‘Hindu Banks’. The slogan is that the money of the Hindus belongs to the Hindus. They also agree that ‘Hindu Bank’ is just a nickname. These are, in fact, non-bank financial institutions operating under the Fund Rules established by the Central Government in 2014. One of its chief organizers claimed that there were 870 such companies registered in Kerala. Some of these are multi-state co-operative societies under the Central Co-operative Societies Act. Despite registering 870 units, it did not make much of an impact – except for the sinking of Cherpulassery ‘Hindu Bank’ investors’ money. The new Union Ministry will try to bring Hindu Nidhi companies under the purview of multi-state co-operative societies or start new multi-state co-operative societies. Or a central multistate co-operative bank could not be started to finance the ‘Hindu Banks’.

This alone will not destroy the century-old people’s co-operative societies in Kerala. The central government is going to use the Reserve Bank for that. The Banking Regulation Act, 2020 was amended to give full control of co-operative banks to the Reserve Bank. This amendment is now applicable to Urban Banks and State Co-operative Banks. However, the Reserve Bank may prohibit the use of the term ‘bank’ by institutions such as primary agricultural co-operative societies which are not under its control.

Once that ban comes, then our primary co-operative banks will lose not only their name. It is also not possible to make payments with checks. Withdrawal slip is required. Not done, no deposit can be accepted from the public. Voting is open to Class A members only. It is estimated that about Rs 60,000 crore is currently in such deposits. We are planning to create a mirror account with Kerala Bank to improve primary co – operative banking services. It will be banned. Doing so can destroy the co-operative banks in Kerala.

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With this, the state co-operative sector will come under the control of the multi-state co-operative banks and their affiliates under Amit Shah. The BJP reckons that with so many credit co-operatives, it will not be difficult to subdue the rest.

Kerala is not the only target. To weaken Pawar in Maharashtra, his co-operative base must be torn down. As well as some other states. The centrally aided co-operative sector will be useful for the BJP to infiltrate non-BJP states where the co-operative movement is not so strong. Amit Shah’s appointment as Union Minister of State for Co – operation is not a coincidence. It is a planned project. The co-operative sector is the strength of Kerala. In the face of a concerted fight to preserve this great heritage, he made it clear in a Facebook post.

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