Times of India reports the Registrar of Co-operative Societies, Goa has ordered the closure of two co-operative societies for their non-compliance with statutory requirements for a long time.
These two societies are Employees Co-operative Credit Society and the Goa Bank Employees Co-op Credit Society. Both societies will soon be liquidated as part of the winding up process.
Earlier, the registrar had sent a show cause notice to both the co-operative societies. Sources say under the existing circumstances, revival of the bank was impossible.
