PANAJI
Depositors and creditors of at least three local credit cooperative societes have new hope of realising their dues with the government setting a target of clearing their dues by monetizing the assets of these entities by the end of this year.
These three entities -- Visionaries Urban Credit Cooperative Credit Society, Mashel Mahila Cooperative Credit Society, and Ashtagandha Urban Cooperative Credit Society of Bicholim -- are put on the red-list of the Registrar of Cooperative Societies (RCS).
Co-operation Minister Subhash Shirodkar revealed that a number of cases of ‘bogus borrowers’ have been unearthed in these entities and the RCS is in the process of identifying these to take action.
Shirodkar said operations in these three societies have come to a halt now following the restrictive orders issued by the RCS, and the latter is in the process of identifying their assets so these can be monetised and whatever dues of depositors can be paid back will be done by December.
Shirodkar also revealed a thought process in the government of breathing life into the defunct Mapusa Urban Co-operative Bank Ltd by exploring if it can be revived as a Cooperative Credit Society.
“There is strength in the thought that Mapusa bank can be made to run again as a Co-operative Credit Society. We will have to hold discussions on the idea with the Central Registrar of Co-operative Societies,” Shirodkar said.
The minister added that the cooperative finance sector is crucial in supporting the farm sector as well as several other traditional sectors in the State, including the self-help groups which are operating in multiple occupations.
