Children in grades 7-10 could open savings accounts at Kerala Bank under the Vidyanidhi program.
Chief Minister Pinarayi Vijayan on Monday urged the public to be wary of attempts to destroy the state’s vibrant cooperative sector.
The sector should become more efficient and stronger to effectively counter such attempts, said the chief minister, inaugurating the Vidyanidhi deposit program for children launched by the Bank of Kerala.
Attempts to weaken the sector have not reflected a healthy trend. The sector has been able to survive similar attempts in the past, Vijayan said, calling for strong defensive measures, especially from Kerala Bank. Forces targeting Kerala Bank will first target the cooperative sector, he said.
There were many primary banks and urban banks affiliated with Kerala Bank in the state, Mr. Vijayan said. Some sections were now insisting that primary banks be called primary agricultural cooperative societies. But let’s not forget that it was the primary banks that created banking literacy in the state, he said.
Teaching children to lead a good life was more important than instilling savings habits in them, the chief minister said.
Cooperation Minister VN Vasavan, who chaired, said the state government has the power to protect the cooperative sector. The content of the recent statement issued by the Reserve Bank of India (RBI) regarding the sector was baseless and misleading, Vasavan said. The state government intended to go to court for a solution, he said.
Children in grades 7-10 could open savings accounts at Kerala Bank under the Vidyanidhi program. The program came with a number of offers. Minister of Food and Civilian Supplies GR Anil released the Bank of Kerala theme song. Minister of Transport Antony Raju also spoke.