The Rajasthan govt has taken initiated action against those who have swindled crores of rupees from the people by forming credit cooperative societies in the state.
The govt has taken a decision that from now onwards no new credit cooperative society will be registered. It has also been made mandatory for all the existing credit cooperative societies to put all their deposits in cooperative banks.
These credit cooperative societies will also have to send their progress reports every month to cooperative banks. Accounts of the erring societies will be seized.
They will have to get themselves audited by the auditors of the department. The cooperative registrar has issued these instructions to all credit cooperative societies operating in the state.
There are 387 defunct credit societies altogether and steps will soon be taken to cancel their registration.
