Kerala seeks bigger role for cooperatives

KOCHI: Both the CPM-led ruling Left Democratic Front (LDF) and the Congress-led opposition United Democratic Front (UDF) have sought a more effective utilisation of the cooperative sector for dealing with the liquidity crisis that has occurred due to the withdrawal of Rs 500 and Rs 1,000 notes.

A delegation led by chief minister Pinarayi Vijayan met the Union finance minister Arun Jaitely to discuss the problems faced by the state due to the withdrawal of notes.

With the Sabarimala pilgrim season all set to start on November 16, state leaders have asked the government to open new counters to exchange notes for the pilgrims in banks along the Sabarimala route.

The delegation also sought permission for cooperative banks to exchange notes. Former chief minister Oommen Chandy also said the government should think how to make use of the cooperative bank network to ease the burden of the people. He said people have been reduced to the status of beggars overnight because of the decision to withdraw the notes.