Govt setting up separate office of Central Registrar of Co-op Societies
The objective is to streamline monitoring cooperative societies and check the fraudulent societies which have taken thousands of crores from people all over the country
New Delhi: The government has started the process for setting up a separate office of the Central Registrar of Cooperative Societies for the development and effective monitoring of multi-state cooperative societies. The objective is to streamline monitoring cooperative societies and check the fraudulent societies which have taken thousands of crores from people all over the country.
At present, Vijay Kumar, a 1992-batch IAS officer who is Additional Secretary in the Ministry of Cooperation, is the Central Registrar of Cooperative Societies. Budget 2021-22 had mooted the idea of a separate office of the Central Registrar of Cooperative Societies.
"The government has initiated a proposal for this purpose," an official told Bizz Buzz. "This will help strengthen the cooperative movement in the country and deepen its reach up to the grassroots. It was for this reason that a new Ministry of Cooperation was created last year."
The separate office of the Central Registrar of Cooperative Societies will rely on technology, putting the names and amounts of depositors with societies online. Computerization will help ensure repayment, the official said.
For the purpose of monitoring, the government has already made it mandatory for multi-state cooperatives to obtain a no-objection certificate from the Registrar of Cooperative Societies (RCS) of the state or Union Territory concerned. A verification certificate of the background and other credentials of the chief promoter and other promoters by the RCS are also required.
After thorough scrutiny of the proposal, a hearing is conducted by the Central Registrar of Cooperative Societies; only after his or her satisfaction, the proposal goes for registration.
The Ministry of Cooperation has received more than 1.5 lakh complaints regarding non-payment of matured deposits by the multi-state cooperative societies like Sahara Credit Cooperative Society Ltd, Saharayn Universal Multipurpose Society Ltd, Stars Multipurpose Cooperative Society Limited, and Humara India Credit Cooperative Society Ltd, official sources said.
Such complaints are forwarded to the societies concerned and directed to repay the amount of deposits to the investors. In case of deviant societies, action is taken in accordance with the Multi-State Cooperative Societies (MSCS) Act, 2002. If necessary, a non-compliant society could even be wound up.
Sahara Credit Cooperative Society Ltd, Saharayn Universal Multipurpose Society Ltd, Stars Multipurpose Cooperative Society Limited, and Humara India Credit Cooperative Society Ltd were summoned for personal hearing as they failed to make the payments to the complainants despite reminders. The management of these societies have been directed to take time-bound steps to ensure repayment. They have also been directed to strengthen and streamline the grievance redress mechanism, ensuring timely repayment.
