‘Cooperatives must be reinvigorated’

In his inaugural address, Rehman said that cooperatives are “a tool of socioeconomic upliftment and need to be strengthened”.

GKNN
Srinagar, Publish Date: Nov 21 2018 12:59AM | Updated Date: Nov 21 2018 12:59AM
‘Cooperatives must  be reinvigorated’Photo: Info Deptt

J&K State Cooperative Bank (SCB) today hosted an impressive function to mark culmination of ‘National Cooperative Week’. 

Registrar Cooperatives, MM Rehman Gassi chaired the function where SCB chairman M S Dar, and managing director M Lateif were present, besides senior officers of cooperative as well as SCB.

In his inaugural address, Rehman said that cooperatives are “a tool of socioeconomic upliftment and need to be strengthened”. 

Speaking on the occasion, Dar said that cooperatives are the backbone of the rural credit structure due to their many inherent characteristics. He hoped that the recapitalisation of the three district central cooperative banks will pave way for streamlining the three tier cooperative credit structure in the state. 

Lateif on the occasion said that cooperatives need to transform to catch up with the fast changing socioeconomic scenarios. He said that in an era of corporates and MNCs, where principal aim is profit making, cooperatives must be reinvigorated to stay relevant. 

He said that professionalism coupled with coordination will help in realising all round development of the cooperative sector. 

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