Tibetan cooperatives gave Rs 120 million loans

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Bangalore 11 May; In an effort to facilitate and encourage agricultural activity and sweater business, Tibetan cooperatives have given a total loan of Rs 120 million to its members during the financial year 2012-13. Tibetan cooperatives supply seed, fertilizer and urea on credit to Tibetan farmers during crop cultivation and farmers returned the same loan at the time of procurement of agricultural produce by cooperatives. Many of Tibetan cooperatives also advance sweater loan to its members, so that Tibetans in settlement can have secondary source of income by doing winter sweater business.

In the view of Tibetan cooperative’s special responsibility of safeguarding the member’s hard earned money, Tibetan cooperatives take deposits from members. As of now over Rs. 700 million have been deposited in various Tibetan co-operatives. Most of these funds have been deposited and invested in liquid asset.

Tibetan cooperatives have undergone several ups and downs in its history. However, cooperatives have never failed at any instance in returning or delayed in returning the deposited amount of its members when they come for withdrawal. In a recent past, many Tibetans faced huge problems in getting back their deposit when some private entrepreneurs in the settlements had gone bankrupt.