State Auditors to monitor Urban Cooperative Banks amidst financial concerns

The Goa state government is deploying auditors to oversee Urban Cooperative Banks in response to reported financial irregularities and scams within the cooperative sector. Cooperation Minister Subhash Shirodkar announced the decision, citing complaints against various banks. Weekly reviews will be conducted to address concerns and recover funds, with a particular focus on the Visionary Urban Cooperative Society, where a Rs 39 crore scam involving fake borrowers has been identified. Shirodkar emphasised the government’s commitment to safeguarding the public’s money from potential misuse within the cooperative banking system.

The initiative aims to enhance transparency and accountability within the urban cooperative banking sector, addressing public concerns and maintaining financial integrity. Minister Shirodkar emphasised the importance of restoring customer confidence by recovering misappropriated funds and auctioning assets, especially in cases like the Visionary Urban Cooperative Society. The government’s proactive measures demonstrate a commitment to protecting the hard-earned money of depositors who trust cooperative banks. This move serves as a deterrent against potential fraudulent activities, reinforcing the regulatory framework governing financial institutions in Goa. The ongoing reviews and interventions underscore the government’s dedication to fostering a secure and reliable cooperative banking environment for the benefit of the general public.

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