The credit cooperative societies in the State seem to have received a bad deal in terms of liquidity, despite having a large number of account holders.
Societies allowed to withdraw only `20,000 per week
the goan I network
MAPUSA
The credit cooperative societies have been treated like an ordinary customer and permitted to withdraw only Rs 10,000 per day and Rs 20,000 per week cash from the Goa State Co-operative Bank.
Also, the demonetised currency notes of Rs 500 and Rs 1,000 cannot be deposited in the credit cooperative
societies.
According to the government directives, only nationalised banks, cooperative banks, commercial (private) banks and post offices are allowed to accept deposits. “We have a number of customers who have deposited crores of rupees with us. How can we leave our customers in the lurch,” asked Francis Soares, General Manager of Our Lady of Milagres Urban Co-op Credit Society Ltd, Mapusa.
He said the minimum threshold of Rs 10,000 per day withdrawal was a pittance and which would allow them to distribute the cash barely to five persons at Rs 2,000 per person a day.
He further said much of the activities of the cooperative societies were paralysed due to the restrictions on liquidity.
“With such curbs on liquidity, we cannot lend money even to our borrowers. How are we going to service our customers,” he questioned.
Shrirang Nagvenkar, chairman of the Jana Utkarsh Urban Co-op Credit Society Ltd at Mapusa, said their customers would be inconvenienced for some days due to restrictions on credit societies, but things would normalize after some days.
“Everyone is aware of the central government’s national interest to demonetise high currency notes. We will have to bear for some time till new currency comes in the market,” Nagvenkar said.
Meanwhile, Soares informed that the credit cooperative societies have taken up the matter with the managing director of the Goa State Co-operative Bank, who has promised to raise the issue with the State Registrar of Cooperative Societies.
Attempts to contact the Registrar of Cooperative Societies Meena Naik Goltekar proved futile.
