Bhopal:Sunday, August 31, 2008:In an important move, the state government has decided to deposit funds of government schemes in cooperative banks. At the behest of Chief Minister Shri Shivraj Singh Chouhan , detailed instructions have been issued in this connection to all the departmental heads, divisional commissioners and district collectors by the Finance Department. Cooperatives Minister Shri Gopal Bhargava has been active in this connection since long.
Expressing gratitude towards Chief Minister Shri Shivraj Singh Chouhan, he has exhorted chairmen of cooperative banks for further strengthen the cooperative movement and avail this opportunity to create a new record of extending financial assistance to farmers.
For the first time name of cooperative bank has been included in the list of banks including commercial and rural regional banks for the purpose of depositing funds of various administrative bodies, government undertakings and boards. The circular says that priority should be given to deposit additional available funds in a district cooperative bank capable to carry out transactions under section 11(1) of Banking Regulation Act.
Cooperatives Minister Shri Bhargava has described this as a revolutionary measure in the history of cooperative banks in the state. He said that on one side this decision will strengthen cooperative banks in the state and on the other it will give a renewed vigour to the state’s cooperative movement. Efforts in this connection had intensified since August 12 this year when a delegation of cooperative banks’ chairmen had called on Chief Minister Shri Shivraj Singh Chouhan under the leadership of Cooperatives Minister Shri Bhargava. The Chief Minister had immediately instructed the Finance Department which issued this circular.
Cooperatives, Farmers Welfare & Agriculture Minister Shri Bhargava and all the chairmen of District Cooperative Banks have expressed their gratitude towards Chief Minister Shri Shivraj Singh Chouhan on taking this historic decision. Shri Bhargava hoped that following this decision the chairmen of cooperative banks would strive to mobilise more funds and deposits to make cooperative banks’ future brighter.