The issue of allegedly exorbitant interest rates charged by some credit cooperative societies came up for discussion during a meeting between Central Registrar of Cooperative Societies (CRCS) Shiv Pal Singh and representatives of Multi-State Cooperative Banks on Tuesday.
A chairman of a cooperative bank raised concerns over the high rates of interest reportedly being charged by several credit cooperative societies on loans, drawing the attention of the CRCS to the issue.
Responding to the concern, Shiv Pal Singh said that his department was already examining the matter. He informed the participants that Chartered Accountants had been engaged to study the prevailing practices and examine the issue in detail.
The study is expected to help the authorities understand the nature and extent of the problem and suggest possible legislative measures, wherever necessary, to address the issue.
The discussion took place during the meeting with chairpersons and senior representatives of around 15 Maharashtra-based Multi-State Cooperative Banks at the NUCFDC office in Mumbai.
The meeting covered a range of regulatory and operational issues facing cooperative banks, with participants sharing their concerns and suggestions directly with the CRCS.
