PANAJI
Even as several co-operative societies are grappling with financial frauds, around 117 societies in the State have come under the scrutiny of Department of Co-operation for suffering huge losses and having high Non-Performing Assets (NPAs).
According to information from the Assistant Registrar of Co-operative Societies, the total loss of all these credit societies amounts to nearly Rs 100 crore.
The NPAs of these 117 co-operative societies had also touched Rs 348 crore. Figures revealed that Visionaries Urban Co-operative Credit Society is in a loss of Rs 33 crore, while VPK Urban Co-operative Credit Society Ltd stares at a loss of Rs 24 crore.
Sources familiar with cooperative societies say that the NPA figures are of 2019-20 and that the scenario had changed a lot now.
The closure of mining, demonetisation and investment in orchard lands had resulted these NPAs, a Managing Director of a co-operative bank which has many branches in Goa says.
He said government should not go only by figures in ledger books but have a holistic approach towards co-operative banks that are in a loss.
He said most of the co-operative societies are saviours to the middle class small businessmen which have helped them to grow.
The MD lamented that unlike big banks, co-operative societies had a problem of trained and professional staff and felt this could be overcome if there was some support system from the government.
