Sharad Pawar, the leader of the Nationalist Congress Party, has stated that the Union government needs to promote cooperative banks because they work for the ordinary people.
According to the former Union agriculture minister, there is a misperception that irregularities primarily occur in cooperative banks, which he addressed at a gathering here on Thursday.
Pawar was addressing the concluding ceremony for the Golden Jubilee of Vishweshwar Cooperative Bank Ltd.
According to him, cooperative sector banks only account for 0.46 percent of irregularities in the country, compared to nationalized and scheduled banks, which account for more than 90% of irregularities.
“I am concerned about how the cooperative banking sector is perceived.
The Union government has made large investments in nationalized banks. It was essential because these banks’ situation would have gotten worse without the inflow of cash, the speaker argued.
There is a widespread misperception that people who work in the cooperative sector act unethically. Despite the fact that there are abnormalities in the cooperative sector, when you look at the overall percentage of irregularities, you’ll notice that nationalized and scheduled banks account for 92% of all irregularities, while the cooperative sector only accounts for a small portion of them. 44 percent Not even 1%,” Pawar stated.
He emphasized that cooperative banks protect the interests of regular people.
As a result, the (Union government’s) viewpoint on cooperative sector banks needs to shift. We should support these institutions if they experience any form of catastrophe, he said.
According to Pawar, Maharashtra holds a special place in the nation’s cooperative movement. It leads the nation in the number of cooperative banks and is followed by Gujarat and Karnataka.
The NCP leader had previously opposed changes to the Banking Regulation Act that would have given the Reserve Bank of India control over cooperative banks.
