Cooperative Minister Govind Singh has said that the cooperative movement in Madhya Pradesh has suffered a lot in the last few years. He said that the cooperative movement will be intensified in the next one and a half years. Dr. Singh said that the elections of State Cooperative Housing Federation will also be held soon. The meeting was chaired by Satyanarayan Sharma, President of National Cooperative Housing Federation of India.
In a meeting held at Apex Bank, Singh said that in order to strengthen the financial condition of State Cooperative Housing Federation, its work area and activities will be expanded. He said that housing construction under Pradhan Mantri Awas Yojana, government housing construction, urban development works and development works on vacant lands of housing societies should be done through the State Cooperative Housing Federation.
Referring to the loan amount of State Housing Federation remaining with the Life Insurance Corporation Singh said that the one-time settlement procedure adopted to repay the loan in the states of Gujarat and Maharashtra will be adopted in Madhya Pradesh also. He said that the loan case will be resolved after discussing it with the Life Insurance Corporation.
Chairman of National Cooperative Housing Federation, Satyanarayan Sharma said that there is a need to financially empower the Cooperative Housing Federation in all states. For this, the Federations will have to get new projects. He said that now the Housing Federation will have to renounce its form as a lending agency as many agencies have started working in this area. Sharma appreciated the contribution of Govind Singh in the cooperative movement and hoped that Madhya Pradesh as well as other states would get the benefit of Singh’s experience.
It was informed in the meeting that Madhya Pradesh State Cooperative Housing Federation owes a total of Rs 337 crores to Life Insurance Corporation. The principal amount is only Rs 79 crore. It was informed that Madhya Pradesh is ready to pay this basic loan amount in toto. For this, one time settlement is being done with the Life Insurance Corporation.
The proceedings of the meeting were conducted by the Chief Executive of National Housing Federation, New Delhi, NS Mehra. Managing Director of State Cooperative Housing Federation, RK Sharma, Chairmen and Managing Directors of State Cooperative Housing Federations of Uttar Pradesh, Uttarakhand, Puducherry, Rajasthan, Kerala, New Delhi, Maharashtra, Karnataka etc also took part in the meeting.