PANAJI
Chief Minister Pramod Sawant has announced decision to amend the Cooperative Societies Act in a bid to curb large-scale irregularities in the Cooperative Credit Societies.
At the closing ceremony of Cooperative Week in Panaji, Sawant conceded huge financial losses to depositors while advocating for stricter regulations to bring transparency and accountability.
"Goans have lost crores of rupees in cooperative societies scam. This is another kind of fraud where the common man faces trouble because of directors or managers approving loans irresponsibly. This is the biggest scam," he said.
Claiming that the government’s hands are tied due to lengthy processes, the CM called upon experts to study the Cooperative Acts of other states and recommend necessary changes to strengthen the functioning of cooperative societies in Goa.
Sawant also urged cooperative societies to ensure that loans primarily benefit farmers. He outlined a subsidy model where 90 percent of the amount is subsidized by the government and 10 percent is provided as a loan by the banks.
Stating that subsidies are sanctioned within six months he criticised the practice of asking farmers for security documents. He instructed banks that once the sanctioned amount comes into the loan account, banks can deduct it from there.
