Goa Chief Minister Pramod Sawant announced that Goa will stop granting permissions to traditional credit co-operative societies, stating many have “turned into a system of loot”, media reports say.
Speaking at the 72nd All India Cooperative Week, he said the State will gradually phase out such bodies and promote transparent, technology-driven co-ops with professional management and digital oversight.
Sawant said the reforms aim to restore public trust, citing repeated frauds in credit societies due to poor audits, including scams of Rs 39 crore, Rs 11 crore and Rs 4 crore in various co-ops. He added the government is also pushing for greater participation of women, youth, and start-ups in the cooperative sector.