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Representative Illustration
Thiruvananthapuram: The Kerala government has decided to bring more riders to curb malpractices in cooperative banks and societies in the state. The apparent move is to regulate the administrations in a comprehensive manner in the wake of issues such as Karuvannur cooperative bank scam.
The amendments to the existing mandates are expected to be discussed in the upcoming Assembly Session slated for December 5. Some of the major tweaks are as follows:
- Permanent administerial membership will be restricted (only two terms)
- Government can directly probe into complaints against banks and societies
- The loan related details of administrative body members, employees and their kin (or relatives) should be presented annually
- CEO to be fined if individuals are granted loans flouting limit
- Inflated estimation of mortgaged item will be curbed
- Inclusion of subject experts in the administrative body
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