Co-op sector should embrace technology: Rajanna

Apex Bank chairman Rajanna underliness need of cashless transactions

Karnataka State Apex Bank chairman and MLA K N Rajanna said the cooperative field has to embrace technology effectively to safeguard its existence.

He was speaking while presiding over a programme on 'The Role of Co-operative Institutions in Financial Inclusion through Technical Awareness and Cashless Payments' organised as part 64th All India Co-operative Week in the city.

Rajanna said, "Today, grocery shops are into business transactions through computers and swipe machines. This is a contribution of technology. Co-operative banks and institutions should embrace such technologies. Also, cashless transactions should be expedited."

"In Sweden, citizens are proudly saying that 'My bank is my mobile'. They have adjusted themselves to cashless transactions completely. This is possible in our country too. Today, the customers are not ready to stand in a queue in commercial banks or co-operative banks," he said.

Rajanna said the new generation has a lot of hope and it does not have the patience to wait. They need quick service. This co-operative sector should understand this and act accordingly, he added.

He said the co-operative institutions, which have already integrated technology, should serve the people better.

"Though I had exerted pressure on the chief minister to waive the loan of farmers, I personally feel that loan waiver is an obstacle in the development of co-operative banks. This limits the benefits of the co-operative field," he added.

He called upon youths to enter the co-operative field. The sector teachers leadership qualities as well as concern for people, he felt.

MP Muddahanumegowda said the co-operative field, which has grown far and wide in the country, has to embrace modernisation. The sector should become smart when people's have smartphones in their hands.

He said there should be no politics in the co-operative sector. But co-operation is a must in politics, he felt.

Karnata State Co-operative Federation chairman Dr Shekharagowda Malipatil credited the success of co-operative sector in the state to milk co-operative societies. Karnataka is in the second position in milk production in the country. The state is a lead player in the field, he said.

MLA Dr Rafeeq Ahmed and Additional Registrar of Co-operative Societies B A Mahadevappa were present.

A souvenir was released on the occasion. Achievers in the field were felicitated.