PANAJI: Minister Subhash Phaldesai today said that the interest rate on the loan of the Cooperative Credit Society must be below 10 per cent.
“Interest rate on the loan of the Cooperative Credit Society must be below 10 per cent only then will the cooperative sector in the state get a boost, only then will the sector get a boost,” said Shirodkar.
He also suggested that cooperative societies make forays into business, such as water and electrical appliances, besides textiles.
“I am of the opinion the rate of interest should come down below 10 per cent. Sadly, some of the cooperative societies charge a huge rate of interest from 12-17 per cent,” he added.
Shirodkar said that there is a need for introspection to find out who we are exploiting, and we will realise that it’s our very own Goan people.
“We should try to venture into these areas where there is scope for huge business,” he added.