the goan I network
PANAJI
Two of Goa’s smaller lenders from the co-operative field have finally got the muscle they had been hankering for to launch recovery proceedings against their defaulting borrowers nearly18 months after they had made such a request to the government.
The Registrar of Cooperative Societies, Vikas Gaunekar issued separate orders and designated officials of the VPK Urban Co-operative Credit Society Ltd, Mardol, and the Quepem Urban Co-op Credit Society Ltd, to act as ‘Sales-cum-Recovery Officer’.
The order empowers these officials to recover debts from defaulters. It also empowers them to attach and sell properties besides executing all orders of recovery passed by the Assistant Registrar of Co-operative Societies, Camp Court.
The orders are valid until March 31, 2021 and the officers so designated are required to act in accordance with the Goa Co-operative Societies Rules, 2003 and bye-laws of the co-operative lender.The request to so designate an officer was made first by the Chairman of VPK Urban Co-operative Credit Society Ltd, Mardol way back in September, 2018, apparently due to mounting cases of defaults in paying back loans by borrowers.
The order pertaining to VPK Society designates its managing director as the recovery officer. In the case of the Quepem Urban Co-op Credit Society Ltd, Quepem, its General Manager has been authorized to act as the Sale-cum-Recovery Officer.
Goa’s co-operative sector has been tottering for the last several years with two of its major players - Mapusa Urban Co-operative Bank and Madgaum Urban Co-operative Bank - are virtually comatose with curbs imposed by the Reserve Bank of India, including an embargo on withdrawal of funds by depositors and account holders.
Crores of rupees belonging to unsuspecting depositors are locked and inaccessible for the last more than two years in these banks which in their heydays were popular among small businessmen and entrepreneurs.
Chief Minister Pramod Sawant in his first budget presented earlier in February has made a provision for infusion of funds into the sick co-operative sector but has not articulated the nature of the government’s intervention.
