KOCHI: The depositors in the co-operative sector are in a panic situation after the new changes which are imposed by the central government. Normally the depositors in this sector are in a close relation with the local co-operative Banks. So that they were enjoying an easy banking. But now they are disturbed because of new interferences by the income tax department and central government. Most of them are farmers, pensioners, ordinary merchants and laymen.
After independence the co-operative sector played a significant role in the Indian economy. So many schemes are there for ordinary villagers and rural agricultural affairs. For an ordinary layman co-operative sector is the main source to fulfill his needs. Some misappropriations may occur in the deposit system in detailed verification, but the services from this sector to the society are remarkable. One lakh twenty five thousand crores of rupees there in the form of deposit in Kerala state only. The decline of this sector definitely help the newly launched private banks. So there is something suspicious in the strict measures taken now.
So the central government should be more vigilant in this sector. Prejudices are not helpful in the Indian Economic situations.