Union Home and Cooperation Minister Amit Shah stated that the Enforcement Directorate (ED) has conducted enquiries into four Multi-State Cooperative Societies, including two in Rajasthan, one in Gujarat, and one in Maharashtra, as per records available with the Central Registrar of Cooperative Societies (CRCS).
Explaining the regulatory framework, Shah emphasized that cooperative societies operating within a single state fall under the jurisdiction of the respective State/UT Governments, while Multi-State Cooperative Societies (MSCSs) are regulated by the Central Government under the Multi-State Cooperative Societies Act, 2002.
These societies function as autonomous cooperative organizations, accountable to their members and governed by their approved bye-laws.
Furthermore, Cooperative Banks, including Multi-State Cooperative Banks, are regulated by the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949.
The RBI takes necessary actions against cooperative banks when irregularities in their operations are identified, ensuring compliance with banking regulations.