|| SHANIWAR SAMWAD || 09-07-2022

 Strangely, no. of deaths of farmers due to the debt trap is still high, but the root cause for the same is not addressed and things are going on as usual.

The will for doing any meaningful reforms is opposed by wasted interest. The root cause of farmers' distress is systematic not just on the time issue.

Since independence, we have systematically created situations that killed entrepreneurial spirit in farmers instead they became dependent on the government for each and everything.

We adopted a socialist model for our development in which every buck stops at the doorstep of the government.

The cooperative system was developed for the upliftment of ruler folks with penetration and sharing of risk with each other.

Initially, it worked as per charter but after some time it is occupied by wasted interest and politics which suited to ruling elite and their party.

The interest of the board and their masters is most important than ordinary farmers. Most of the cooperative banks and society are run by either politicians or local businessmen.

They are still working in silos as per their own whims and fancy.

Their reporting was with the state government only, now after a series of reforms carried by the central government after the creation of a cooperative minister at the center. All cooperative banks are following the rules of the RBI after these reforms. Along with this now cooperative banks will be run by professional bankers, not by a wasted group of people.

Just now, another set of reforms will be carried out in the cooperative society. First with computerization and putting them on a single platform with a cloud-based system so the monitoring will be easy and data will be stored with full security.

It will not only increase the confidence of stakeholders but will ensure transparency.

It will take time but the intent of this exercise will give the best results as there will be competition between the private sector and primary cooperative society.

The benefit of schemes will reach to the rural people as they are being served by these institutions.

The rule-based system will treat each and everyone on the same platform without any discrimination.

The primary credit society has a huge reach as compared to other institutions or banks with members in lacs which is their captive market, if  the charter is followed properly then the result will be more than the imagination of anybody

They can adopt best practices to give the best services at less cost.

The scope for their business expansion is huge if they adopt a new approach.