Thiruvananthapuram: With the aim of tackling widespread irregularities and corruption in banks and cooperative societies, the government of Kerala has decided to publish the audit reports of cooperative banks on a newly launched portal. From now on, the audit reports of cooperative banks will become public documents, which can be verified by anyone sitting anywhere and anytime.
The new portal, Cooperative Audit Monitoring and Information System (CAMIS), will come into effect shortly.
In the event of a complaint received on the basis of the data provided in CAMIS, any competent agent can carry out an inspection and submit a report to the Cooperative Department if an irregularity is discovered.
It was the Minister of Cooperation VN Vasavan who suggested such an audit control mechanism in order to put an end to large-scale irregularities in cooperative banks.
It may be recalled that the Left Democratic Front government went on the defensive after news of a multi-million dollar scam at the CPM-run Karuvannur cooperative bank in Irinjalakuda made headlines.
Kerala has the largest number of cooperative societies in the country. The total number of companies is 16,112.
In many cooperative banks, no appropriate audit takes place on an annual basis. Even though the audit takes place in the company, no one in the office of the Registrar of Co-operative Societies reads the lengthy audit report of the company. This is the reason why irregularities in cooperative societies are usually not known to anyone.
From now on, the annual audit will be made compulsory. The audit reports will be published on the newly launched portal, which is open to public scrutiny. Thus, the public will have a clear idea of the profit of the bank, the number of deposits in the bank, the total amount of the loan granted and the details of the various projects undertaken by the bank.