Cooperative banks directed to recover dues from defaulters
Cooperative banks and credit societies in the state have been given a firm directive to ensure that non-performing assets (NPA) do not rise further, said minister for cooperation Subhash Shirodkar.
Speaking in the state legislative assembly, Shirodkar said that cooperative banks and credit societies have been asked to work towards the recovery of outstanding loans to ensure that depositors' wealth is not eroded.
'Three to four cooperative banks and societies have collapsed. It is very difficult to revive them now. The old NPAs are okay, but in the future, it cannot happen. From Jan 1, they cannot have any new NPA accounts; this directive has been given to them,' said Shirodkar.
He added that a special cell has been created at the Registrar of Cooperative Societies to monitor the financial status of cooperative entities. Out of 475 cooperative societies in Goa, only 431 submitted audit reports by Aug 2024.
'We have also directed the RCS to ensure that our auditor must audit these cooperative banks and cooperative credit societies at least once every two years. There are 10,000 cases of cheque bounce because the loanees could not repay the dues,' said Shirodkar.
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