Odisha cooperation minister has told the state assembly that the govt would soon initiate action against cooperative banks allegedly indulging in illegal banking practices, reports New Indian Express.
The minister was responding to a query from a BJD MLA in the house. The erring banks include Kendrapara Credit Cooperative Society and Cuttack Credit Cooperative Society.
The Minister said the accounts of the two cooperative societies would be audited and if irregularities detected a stern action would be taken , the minister assured.
Several members said in the house several cooperative societies across the state are functioning like banks without permission from the RBI and raising money from the public, they alleged.