Joint teams to inspect cooperative central banks in Rajasthan

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Ten joint inspection teams were formed in Rajasthan to examine the functioning of 29 central cooperative banks following complaints received from farmers in connection with the release of loans. The activities of multi-state cooperative credit societies are also monitored to put an end to irregularities.

The teams will check the banks and submit reports to the registrar’s office. The Registrar of Cooperative Societies, Muktanand Agrawal, said here on Tuesday that cases of embezzlement had come to light at several banks and complaints had been received from several locations.

“The inspection campaign was launched to improve the functioning of banks and village cooperatives. No less than 30 agents of the Department have been appointed in the 10 teams, ”he said.

The registrar said the teams will inspect banks’ registered capital, fund management, bank guarantees, loans, implementation of budget announcements, collection and arrears, status of loan disbursements, assets non-productive and compliance with the law on banking regulation.

More than 40 multi-state credit unions registered in Rajasthan are also inspected to prevent scams and irregularities. Mr Agrawal said criminal cases would be registered against companies that collect money under unregulated schemes.

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