District co-operative department sends proposal to State for releasing deposits above Rs. 50,000:
Jalgaon district co-operative department has initiated a proposal to State government for assisting co-operative depositors having deposited more than Rs. 50,000 in various co-operative societies. In July-2007 40 co-operative societies had 274,468 depositors with Rs. 613.22 Crores funddeposited. This amount including interest has now mounted into Rs. 2,000 Crores or more. The department has officially marked 40 societies, earlier ones and two State-level along with 131 new societies having financial difficulties in sustaining.
State has earlier availed soft loans to societies for refunding deposits up to Rs. 10,000 with priority to widows, below poverty line holders, pensioners amounting to 14.69 Crores. The co-operative sector’s financial ballast has been so worst that it has badly affected financial cycles of many small scale depositors, pensioners. Those dreaming this saving to be their future asset, are politically drilled in deep woes and fading hopes of getting their money back along with interest, which lured them to move to such societies. In fact, this figure itself is so catchy and appealing that many of national level private banks, almost all nationalised banks and MNC banks are eyeing Jalgaon as next destination to open up.
Jalgaon district co-operative department has initiated a proposal to State government for assisting co-operative depositors having deposited more than Rs. 50,000 in various co-operative societies. In July-2007 40 co-operative societies had 274,468 depositors with Rs. 613.22 Crores funddeposited. This amount including interest has now mounted into Rs. 2,000 Crores or more. The department has officially marked 40 societies, earlier ones and two State-level along with 131 new societies having financial difficulties in sustaining.
State has earlier availed soft loans to societies for refunding deposits up to Rs. 10,000 with priority to widows, below poverty line holders, pensioners amounting to 14.69 Crores. The co-operative sector’s financial ballast has been so worst that it has badly affected financial cycles of many small scale depositors, pensioners. Those dreaming this saving to be their future asset, are politically drilled in deep woes and fading hopes of getting their money back along with interest, which lured them to move to such societies. In fact, this figure itself is so catchy and appealing that many of national level private banks, almost all nationalised banks and MNC banks are eyeing Jalgaon as next destination to open up.
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