Co-op sector protecting public from newgen banks:Chennithala

Kerala Home Minister Ramesh Chennithala said today that the co-operative sector has been protecting common man from exploitation by new generation banks.
Launching Kozhikode District Co-operative Bank's "Students Rupay Card" project here, he said "the service rendered to the common man by the co-operative sector are protecting him from the exploitation of new generation banks".
The increase in number of accounts opened by the years is an indication the gains received by the public through the co-operative sector, he said.
The "Students ATM card" project, started under the new RBI guidelines, will prevent them from misusing money as the withdrawal limit in a day is specified while making them to be careful in their banking transactions, Chennithala added.

Similar to the banks, the responsibility would lie with the parents and the school authorities as they are also made part of these students accounts, he said. Of the 8,000 student accounts at present, 200 students were distributed with "Rupay Card".