Maha govt to form expert panel to prevent financial irregularities in credit societies

A committee of experts will be set up to prevent financial irregularities in credit societies and ensure that depositors get their money, Maharashtra Cooperation Minister Atul Save told the state legislative Assembly.

Responding to a debate on the issue raised through a Calling Attention notice, the minister said a committee of experts from the cooperative field will be set up in 15 days and it will work to resolve problems faced by credit societies.

The issue was raised by the Congress' Balasaheb Thorat and others. The state has a proposal to provide protection to deposits up to Rs 50,000 and it will be finalised after a discussion with all the stakeholders, Save said.

Thorat had demanded a committee to ensure transparency in the functioning of credit societies. Cooperative credit societies were a movement for progress and development of common man, he said.