Karuvannur bank issue is an isolated incident, an attempt to destroy co-operative movement, alleges CPM

THIRUVANANTHAPURAM: The CPM has finally responded to the news about Karuvannur bank fraud victims not getting their deposits back . In the statement, the CPM alleges that an attempt is being made to destroy the cooperative movement. The CPM also accuses the media of supporting the Sangh Parivar agenda. The controversy is an isolated incident. A move is underway to destroy the cooperative movement.The CPM explained that the Chief Minister himself had assured that the depositors would not lose a single penny and that the incident in the cooperative bank was an isolated incident.

The cooperative movement has contributed immensely to the development of Kerala. It was the co-operative movements that paved a new way by saving the rural areas from the tyranny of many traders. Today, they are providing great services to the people in many sectors. Rs 2.5 lakh crore investment is in this sector. These organistaions have given the same amount of loans. Around one lakh employees depend on the cooperative sector for their livelihood.

The attempts have already been made to destroy cooperative movements which are a barrier to globalization forces. Even during demonetisation, the central government had made strong efforts to crush the cooperative movement. It was the strong intervention of the state government that prevented it. The central government also made legislative intervention in the cooperative sector, which is a subject of the state. Kerala's cooperative sector is moving forward by defending all these.

Some of the media are supporting the Sangh Parivar agenda of destroying the cooperative movement in Kerala. The intentions behind such hyped up news should be recognized. The LDF government has not adopted the approach of the BJP government which has supported the corporates who looted crores of rupees from the public sector banks.

Those who are trying to destroy the cooperative movement by highlighting the isolated incident need to be identified. The Chief Minister himself has assured that the investors will not lose even a single penny and the government will protect them. The state government has conducted a proper inquiry into the issues raised and necessary steps have been taken. The statement also said that while these are the facts, the moves to destroy the cooperative movement should be strongly countered.