Save cooperatives

Save cooperatives This refers to the excellent article "Cooperative credit societies are a mess" by Manas R Das and Ganga Narayan Rath (December 1). Perhaps the caption can be rephrased as "Rural economy in a mess". Since 1950's, GOI and RBI have done indepth studies to diagnose the problems of the country's rural sector and brought several recommendations to develop the institutional system in the rural areas responsible for managing rural economy. Unfortunately, the bulky reports The All India Rural Credit Survey and the Rural Credit Review Committees produced (One of them lamented : "Cooperation has failed, cooperation must succeed!") didn't get the attention they deserved from the political leadership for obvious reasons. Subsequent efforts to apply Banking Regulations to Cooperative Societies and even the institutionalisation of oversight by establishing the National Bank for Agricultural and Rural Development didn't result in the upliftment of rural economy. Reasons are many, which have become public consequent to enactment of 3 Farm Laws and almost a re-emphasize by the RBI about the recalcitrance on the part of co-operatives to fall in line with banking regulation requirements. An acceptable consensus solution continues to be elusive. M G Warrier Kannur

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