In a bid to streamline the operation of cooperative societies, the State government will introduce a unified software system for cooperative societies from next month.
Inaugurating the 102nd International Cooperation Day celebrations in Kottayam on Saturday, Minister for Cooperatives V.N. Vasavan said the government would fund the implementation of the software system, with Tata Consultancy Services awarded the contract. “A committee, led by the Registrar of Cooperative Societies, will oversee the project. The new software will work alongside existing systems in cooperatives to ensure a smooth transition,” he said..
‘Positive turnaround’
The Minister also mentioned that a five-member team will be appointed to handle collateral valuation for loans exceeding ₹10 lakh. He sought to highlight the successful efforts to address irregularities within the cooperative sector, citing the return of ₹124.94 crore to investors of Karuvannur Cooperative Bank. “Plans are under way to reimburse remaining deposits, with an additional ₹12 crore in new investments already secured by the bank. Transactions, including gold loans, have resumed at the bank, signalling a positive turnaround for the institution,” he added.
During the event, the Minister presented the Robert Owen Award for the best cooperative member to Koliakod Krishnan Nair, chairman of the State Cooperative Union and a respected figure in the cooperative community. The Uralungal Labor Contract and Cooperative Society (ULCCS) won the Cooperative Day Award
The Minister also presented the State-level and district-level awards for cooperative societies. The event was chaired by K. Francis George MP, with Chief Whip N. Jayaraj, Mr. Krishnan Nair, and Kottayam district panchayat president K.V. Bindu among the speakers.
The day’s festivities commenced with the Registrar of Co-operatives, T V Subhash, raising the flag. A seminar followed, with Kottayam Rural Development Bank president G Gopakumar presiding over the discussions.
EOM/ hiran
