After more than three months of regulatory scrutiny, the Goa government has granted a fresh No Objection Certificate (NoC) to Tirumalla Tirupati Multistate Co-operative Credit Society, allowing the society to resume branch expansion in the state.
The new approval permits the opening of 13 branches in Goa after the society fulfilled compliance requirements and regulatory norms laid down by the Office of the Registrar of Co-operative Societies (RCS), Goa.
Speaking to Indian Cooperative, Goa Registrar of Cooperative Societies Ashutosh Apte clarified that the earlier NoC had been cancelled and the present approval should not be viewed as a reinstatement.
According to him, this is an entirely fresh NoC issued after the society complied with various statutory and regulatory conditions. He added that the approval comes with strict conditions relating to audit compliance, operational monitoring and regulatory verification.
The development assumes significance as the society had come under intense scrutiny earlier this year. In February, the Goa government had cancelled, with immediate effect, the permissions and NoC granted in 2014 and 2018 for expansion in the state following an inspection conducted under the provisions of the Multi-State Co-operative Societies Act, 2002.
Following the cancellation, Chairman Gurmeet Singh and senior management representatives met Goa Cooperation Minister Subhash Shirodkar to discuss the issue.
The Goa RCS has now said that continuous oversight and compliance checks will be maintained to safeguard the interests of depositors and members.