Union Home and Cooperation Minister Amit Shah informed that 1,702 Multi-State Cooperative Societies (MSCS) are registered under the MSCS Act in the country. Out of these, 100 societies are non-functional and are undergoing winding-up proceedings following the appointment of liquidators.
The highest number of multi-state cooperative societies, including banks under liquidation, are from Rajasthan (26), followed by Maharashtra (18) and Uttar Pradesh (12). Maharashtra leads in the total number of registered MSCS, with 691 societies, followed by Uttar Pradesh (183) and Tamil Nadu (141).
To address issues of mismanagement, financial fraud, and governance lapses in MSCS, the government has comprehensively amended the MSCS Act and Rules. These amendments, notified on August 3 and August 4, 2023, incorporate provisions from the Ninety-Seventh Constitutional Amendment. The reforms aim to strengthen governance, enhance transparency, ensure accountability, and streamline the electoral process in MSCS.
“Many provisions introduced in the amendments focus on preventing financial irregularities and bringing transparency to the functioning of multi-state cooperative societies,” Shah added.
