Navhind Times reports registrar of cooperative societies has asked Cooperative credit societies in Goa to keep five per cent of their net surplus for emergency situations due to the corona virus as also to allocate 50 per cent of the surplus as a special reserve with a lock-in period of two years for adjusting NPAs.
The notification issued by the registrar, also allows the credit societies to reschedule term loans, defer interest payments and classify NPAs.
The notification also explains why the moratorium facility given to their borrowers should not be considered as “loan waiver.”