'Raids in cooperative banks not done with good intention'

A day after reported raids in some cooperative banks in Kerala by central agencies, Cooperative Minister Kadakampalli Surendran today charged it was not done with good intention.
Reacting to the reported raids in cooperative banks in Kollam, Kozhikode and Malappuram, he alleged that it was a continuation of the Centre's move to "destroy" the cooperative sector in Kerala.
"It was not done with good intention," he said.
Surendran, however, made it clear that the government welcomes any mode of probe in the functioning of cooperative banks and primary cooperative societies and was ready to make necessary rectifications in case of mistakes.

Some reports had said that the raids were conducted as per the directives of the Finance Ministry.
CPI(M) led LDF government and Congress had opposed RBI's decision not to permit cooperative societies to exchange recalled currencies and had alleged that the Centre was trying to destroy the cooperative sector under the cover of demonetisation process, with political motives.