In a significant move to uphold depositor rights, the Cooperative Ombudsman has directed Mohali-based Wishvaas Credit Cooperative Society to refund the maturity proceeds of recurring deposits to its complainants within 15 days, along with up-to-date interest. This directive follows multiple complaints lodged by depositors regarding non-payment of their matured deposits.
The complainants, including Smt. Priyanka, Deepak Thakur, Joginder Singh, and Mamta, had invested in 12-month tenure recurring deposits with the society. Upon maturity, their requests for refunds were met with silence, prompting them to escalate the matter to the Cooperative Ombudsman.
Notices issued on February 13 and 18, 2025, seeking a response from the society, were returned undelivered, raising concerns about the society’s credibility. No replies were received from the society against any of the notices issued by the Ombudsman’s office.
The Cooperative Ombudsman, established under Section 85A of the Multi-State Cooperative Societies (MSCS) Act, 2002, plays a pivotal role in safeguarding the interests of members of multi-state cooperative societies.
Appointed by the Central Government, the Ombudsman addresses complaints related to non-payment of deposits, financial mismanagement, denial of services, and violations of democratic rights within these societies .
In this case, after reviewing the complaints and noting the society’s non-responsiveness, the Ombudsman found that the society had multiple complaints against it for failing to return depositors’ money.
Consequently, the society has been ordered to refund all outstanding deposits along with interest within 15 days. Additionally, it must settle any pending and future claims from depositors within 15 days of receiving them and submit a compliance report after making the refunds.
This decision underscores the Ombudsman’s authority to enforce accountability and ensure financial discipline within cooperative societies. By providing a robust grievance redressal mechanism, the Ombudsman reinforces the cooperative model as a pillar of inclusive and sustainable development .
The directive serves as a relief for the affected depositors and highlights the increasing scrutiny on cooperative credit societies regarding financial transparency and depositor protection. It also emphasizes the importance of the Ombudsman’s role in maintaining the integrity of the cooperative sector.
As the cooperative movement in India continues to evolve, the establishment of the Cooperative Ombudsman marks a significant step towards strengthening transparency, accountability, and member protection within the sector. The ball is now in Wishvaas Credit Cooperative Society’s court to comply with the Ombudsman’s directives and restore faith among its members.
Respected sir
WE ARE ALL VICTIMS OF Adarsh credit cooperative society since 2019 sir Please help for us sir
Sir, we are depositors of Sri Guru Raghavendra Co Operative Bank, Basavangudi, Bangalore. Which is under all inclusive directions from RBI since 5 1/2 years, A deposit of nearly 1500 crores of hard earned money is locked up, more than 400 depositors have lost thier lives, senior & super senior citizens are struggling for lively hood, medicine due to this beleaguered bank, 3 administrators have failed to perform in the right path and a 4th administrator is now appointed. We humbly plead the Government/RBI/ DICGC Insurance authorities for return of deposits immediately to ensure justice to depositors and to save loss of lives of Indian citizens.
Sir/Madam,
We the members of Steel Authority of India Employees’s Cooperative Credit Society Ltd are also suffering because BoDs have syphoned our money.
They are not showing any audit reports. Please help us. CRCS and ombudsman have turned deaf when we raised complaints.