Many of those who are associated with Multi-State Credit Cooperative Societies in Karnataka are not happy with a circular released by the Karnataka Cooperative Department.
The circular highlights that Multi-State Cooperative Societies are autonomous, and that deposits are made at the sole risk of the members, with no guarantee provided by the Central Registrar or the Ministry of Agriculture and Farmers’ Welfare.
The state-level directive reaffirms the contents of an earlier circular issued by the Central Registrar of Cooperative Societies on 25th June 2021.
As per the instructions, Multi-State Cooperative Societies are required to prominently display the following message at the entrance of their head offices, all branch offices, and on their websites in regional or local languages.
The circular reads, “Multi-State Cooperative Societies are functioning as autonomous cooperative organizations accountable to their members and not under the administrative control of the Central Registrar, Ministry of Agriculture and Farmers’ Welfare”.
“Therefore, the depositors/members are advised to make decisions for investing deposits based on the performance of the society at their own risk. The Central Registrar, Ministry of Agriculture and Farmers’ Welfare does not provide any guarantee for these deposits”, it further added.
This directive is mandatory for all Multi-State Cooperative Societies and their branches operating within the state.
Additionally, departmental officers have been instructed to circulate the Central Registrar’s circular to all such societies/branches under their jurisdiction and ensure strict compliance with the instructions provided.
The circular has been issued and signed by T.H.M. Kumar, IAS, Registrar of Cooperative Societies, Karnataka.
my name is Sunil and I am 67 yrs old senior citizen my wife is a cancer patient we deposited our life time earnings to Vishwadeepti n they have gone incomunicado