KUALA LUMPUR: Deputy Entrepreneur and Cooperatives Development Minister Datuk Seri R. Ramanan today distributed RM1.4mil in financial aid to eight Indian community cooperatives to strengthen the cooperative sector within the community.
Six cooperatives received grants totalling RM175,600 under the Bantuan Bakti Madani initiative, while the remaining two were allocated RM1.225mil through the Malaysia Co-operative Societies Commission Revolving Capital Fund (TMPSKM).
Speaking after the Grant Assistance and Revolving Capital Fund cheque presentation ceremony by the Malaysia Co-operative Societies Commission (SKM), Ramanan said the financial aid reflects his ministry’s commitment to supporting the economic growth of the Indian community.
He said the aid distribution is a follow-up to the 2024 Indian Community Cooperative Conference (PKKI 2024), held on Oct 13, 2024, which gathered more than 200 Indian community cooperatives.
"The conference (PKKI) received an encouraging response, but we only received 17 financial aid applications from cooperatives. This is relatively low compared to the more than 200 cooperatives that participated,” he said.
"Of the 17 applications, only six cooperatives have been approved under the Bantuan Bakti Madani initiative, while the rest are still under consideration by SKM,” he said.
SKM chief executive officer Datuk Rusli Jaafar and SKM senior management officials were also present at the event.
Ramanan said RM1mil has been allocated under the Bantuan Bakti Madani initiative this year, using funds from the Cooperative Development Provident Fund (KWAPb) with a maximum grant of RM30,000 per cooperative.
He also said that SKM would conduct outreach programmes in every state to provide briefings and consultations to Indian cooperatives, assisting them with documentation and other requirements to facilitate their applications under the Bantuan Bakti Madani initiative.
"So, I advise Indian cooperatives out there to seize this opportunity, as it allows them to reap more benefits and seek assistance from SKM,” he said.
Meanwhile, Ramanan, who oversees Indian community affairs, also announced that the ministry would soon introduce a major initiative to enhance Indian community businesses under one of its agencies. – Bernama
