Kerala Cabinet and CM to Stage Dharna at RBI

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Thiruvananthapuram : Kerala chief minister and his cabinet will sit in a dharna in front of the Reserve Bank of India regional office at Thiruvananthapuram from 10 am to 5 pm tomorrow, protesting the central governments alleged move to destabilize the functioning of co operative societies. Chief minister Pinarayi Vijayan, in his news conference today evening, pointed out the relevance of co operative sector in Kerala economy and also stated that any move to destabilize cooperative sector has to be resisted. He also alleged that vested political interests were behind the central governments move to liquidate the cooperative sector. The CM has called an all party meeting including the BJP this saturday to discuss the impending crisis in cooperative sector. Earlier the RBI announced strict regulations regarding the functioning of the banks in the cooperative sector in Kerala.

The leader of opposition Ramesh Chennithala also hinted at the possibility of a join protest against the restrictions imposed on the cooperative sector of Kerala. The UDF leaders are also expected to take part in this agitation along with the ministers. Amidst the huge unrest among the people due to the inconveniences thrust upon them by the central government, Kerala is ready to take up a political fight to expose the corporate vested interests behind the move to destroy cooperative sector. According to the sources from finance ministry, Kerala is fast moving into deep economic crisis in no time, as the demonetization has halted three fourth of the financial transactions which in turn already evinced adverse impact on tax revenue. Meanwhile BJP leaders alleged that congress and CPI(M) leaders are protecting the unaccounted money hoarded in various cooperative sector banks.

Nevertheless this has become a do or die situation for Kerala economy, given the fact that it is a consumerist economy and also because of the strict impositions on the cooperative sector which is in fact the back bone of Kerala’s banking system.