The regulatory framework governing cooperative credit societies in Goa draws a clear distinction between state-level and multi-State entities, the Rajya Sabha was informed recently. Cooperative societies whose operations are confined to a single state fall under Entry 32 of the State List and are governed by the respective State Cooperative Societies Act, while those operating across more than one state are regulated under Entry 44 of the Union List and the centrally administered Multi-State Cooperative Societies Act, 2002.
The Ministry of Cooperation does not centrally maintain detailed data on financial institutions functioning under state-registered cooperative credit societies, including those in Goa.
Multi-State cooperative societies function as autonomous bodies accountable to their members, with key business decisions vested in elected boards and day-to-day operations managed by chief executives.
To safeguard depositors’ interests, the Multi-State Cooperative Societies (Amendment) Act and Rules, 2023 have introduced measures such as a Cooperative Election Authority, a Cooperative Ombudsman, mandatory information officers, concurrent audits for large societies, stricter prudential norms and enhanced transparency in governance. The information was provided by Union Minister for Home and Cooperation Amit Shah in a written reply.