Cooperative Movementplayed Key Role in Country's Economic Progress: Speaker

Hyderabad, Oct 23 (PTI) Cooperative movement played an important role in the countrys economic progress and in uplifting the lives of people, Lok Sabha Speaker Om Birla said on Wednesday.

There are can be different impressions about this cooperative movement. But, I feel, cooperative movement worked in the countrys economic progress and in transforming the lives of individuals and people in society, before and after Independence, he said.

Birla, speaking after inaugurating the corporate office of AP Mahesh Co-op Urban Bank here on Wednesday night, said it was cooperative movement which made people self-dependent by providing loans, without exploitation, at low costs.

There was a time when farmers had to take money from local money lenders at higher interest rates, but now they get loans of Rs two lakh or Rs three lakhs in different states at zero per cent interest through the cooperative movement, he said.

The cooperative movement made major contributions in improving the economic situation of farmers in various states, including sugarcane farmers in Maharashtra, and helped crores of rural women become self-dependent economically through self-help groups, he said.

He appreciated the Mahesh Bank for not having any non-performing assets (NPAs).

Speaking on the occasion, Union Minister of State for Home G Kishan Reddy said the NDA government at the Centre has taken various steps to give a boost to the economy.

The Mahesh Bank, which commenced its operations in 1978 at Hyderabad, has notched up a turnover of Rs 4,000 crore in the previous financial year and is all set to cross Rs 4,300 crore mark in the current financial year, a bank release said.

Himachal Pradesh Governor Bandaru Dattatreya, Telangana Ministers Mohd Mahmood Ali and S Niranjan Reddy were also present.

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