It's govt's prerogative whether to implement or not Economic Revival Committee's recommendation for a single cooperative bank in Goa. In a first of its kind, the Kerala government had formed 'Kerala Bank' by merging all district cooperative banks. economically weaker sections of the society have been dependent on cooperative credit societies. Some cooperative banks are on verge of collapse due to irregularities. In this regard, the government should ensure strict enforcement of norms to win the trust of the common man in cooperative credit societies.
The bank should be able to give loans to priority sectors like agriculture. To avoid recurrence of scams, the Parliament should bring in a bill under the regulation of RBI to ensure greater accountability and transparency in functioning of cooperative banks. Appointment of CEOs and conduct of audits should as per RBI guidelines.
