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Co-operative movement in Karnataka

 The first co-operative society of our country was registered in 1905 at Kanaginahal village of Gadag district in Karnataka. Sri Siddanagouda Sannaramana Gouda Patil is considered as the pioneer in the co-operative movement as he is the founder president of the said co-operative society in our country.

 

  The Mysore Co-operative Societies Act 1959 is the first legislation in our state pertaining to the co-operative societies and has come into being from 25-05-1960.

Karnataka occupies third position in the co-operative movement in India. It has been playing an important role in improving the economic condition of people involved in co-operative movement and has spread to almost all sectors of economic activities, both in rural and urban areas.

  Karnataka is the first state where in Agricultural loans through co-operatives are available at 3% which, is  the lowest in the country. This facility is also extended to the loans borrowed by weavers and fishermen.

 Loans are available, if borrowed through co-operatives, for self-help groups at 4%. Government of Karnataka is subsidizing the co-operatives by providing Interest- subsidy through budgetary provisions.

  Since the implementation of the recommendations of Prof.Vaidyanathan Committee through MOU with Government of India, NABARD and the state Government in March 2008, the role of the state Government in respect of Agricultural credit structure Institutions has metamorphised from the role of regulator, supervisor to the role of being a Friend, Philosopher and Guide. All statutes, circulars, orders which were coming in the way of day to day internal affairs of the institutions have been withdrawn.

A new era of co-operative credit structure through self-governance and independent decision making has come in to being and it is hoped that the co-operatives will become professionally efficient and financially viable in the years to come.The state has witnessed a tremendous growth in the Cooperative Sector.

Last Updated: 16-08-2021 05:14 PM Updated By: Ashwini-ARCS


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