Lok Sabha Question No. 2598 (UNSTARRED), answered on 2022-08-02
Subject: Irregularities in Cooperative Credit Societies
Ministry: COOPERATION
Asked by: Chandeshwar Prasad

## GOVERNMENT OF INDIA MINISTRY OF COOPERATION

## LOK SABHA UNSTARRED QUESTION NO 2598 TO BE ANSWERED ON 2 ND  AUGUST 2022

## IRREGULARITIES IN COOPERATIVE CREDIT SOCIETIES

## 2598. SHRI CHANDESHWAR PRASAD:

Will the Minister of COOPERATION ( सहकारिता मंत्री) be pleased to state:

- (a) whether the Government is planning to take strict and stringent action against the societies for the irregularities found in co-operative credit societies covered under multi-State status, working across the country and if so, the details thereof;
- (b) the steps taken by the Government to recover and restore the funds to small investors who had invested their hard-earned money in such credit societies; and
- (c) the details of such societies which have been found so far in various States including Bihar?

## ANSWER

The Minister of COOPERATION सहकारिता मंत्री (SHRI AMIT SHAH)

(a), (b) & (c):  Co-operative societies registered under the provisions of the Multi State Cooperative Societies (MSCS) Act, 2002 are functioning as autonomous cooperative organizations accountable to their members. Whenever, complaints are received against any of the multi-State cooperative credit societies for violation of MSCS Act or Rules or non- repayment of deposits on maturity, action is taken as per MSCS Act, 2002 and Rules. Winding up proceedings have already been initiated against 45 multi-State cooperative credit societies. State wise details of such Multi State Cooperative Credit Societies are annexed.

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Annexure List of multi-State cooperative Credit Societies against which winding up proceedings under Section 86 of the MSCS Act, 2002 have been initiated:

|   Sl. No. | Name of the society                                                                           | State       |
|-----------|-----------------------------------------------------------------------------------------------|-------------|
|         1 | Jyoti Credit &Savings Swablambi Sahakari Samiti Ltd., Mathura Road, New Delhi                 | Delhi       |
|         2 | Crown Credit Coopertaive Society Ltd., Dwarka, Delhi                                          | Delhi       |
|         3 | Success Valley Credit Cooperative Society Ltd., Shakarpur, Delhi                              | Delhi       |
|         4 | HBN Credit Cooperative Society Ltd., Pashim Vihar, New Delhi                                  | Delhi       |
|         5 | Adarsh Credit Cooperative Society Ltd., Ahmedabad, Gujarat                                    | Gujarat     |
|         6 | The Pfizer Employees Co-operative Credit Society Limited, Mumbai, Maharashtra                 | Maharashtra |
|         7 | Bhandara Laxmi Multi State Credit Co-operative Society Limited, Bhandara, Maharashtra         | Maharashtra |
|         8 | Shri Mahalaxmi Multi State Coop. Credit Society Ltd., Mumbai, Maharashtra                     | Maharashtra |
|         9 | Shree Dhokeshwar Multi State Urban Cooperative Credit Society Ltd., Ahmednagar, Maharashtra   | Maharashtra |
|        10 | Shubh Kalyan Multi State Cooperative Credit Society ltd., Osmanabad, Maharashtra              | Maharashtra |
|        11 | Kolpe-Patil Multi State Cooperative Credit Society Ltd., Pune, Maharashtra                    | Maharashtra |
|        12 | Shrinath Multi State Urban Cooperative Credit Society Ltd., Ahmednagar, Maharashtra           | Maharashtra |
|        13 | Aditya Aarthik Niyojan Multi State Cooperative Credit Society Ltd., Pune, Maharashtra         | Maharashtra |
|        14 | Malaika Multi State Cooperative Credit Society Ltd., Pawai, Mumbai- 400042                    | Maharashtra |
|        15 | Bhaichand Hirachand Raisoni Multi State Cooperative Credit Society Ltd., Jalgaon, Maharashtra | Maharashtra |
|        16 | Artha tatwa Multi State Credit Coop. Society Ltd., Bhubaneswar, Odisha                        | Odisha      |
|        17 | Swastik India Multi State Credit Cooperative Society ltd., Bhubaneswar, Odisha                | Odisha      |
|        18 | Mideast Multi State Credit Cooperative Society Ltd., Bhubaneswar, Odisha                      | Odisha      |
|        19 | Utkal Multi State Credit Cooperative Society Ltd., Bhubaneshwar, Odisha                       | Odisha      |

|   20. | Sai Kishore Multi State Credit Cooperative Society Ltd., Bhubaneswar, Odisha           | Odisha             |
|-------|----------------------------------------------------------------------------------------|--------------------|
|    21 | Rajiv Gandhi Memorial Multi-State Credit Cooperative Society Ltd., Bhubaneswar, Odisha | Odisha             |
|    22 | SLB Multistate Credit Cooperative Society Ltd., Bhubaneshwar, Odisha                   | Odisha             |
|    23 | Vista Credit Cooperative Society Ltd., Bhubaneshwar, Odisha                            | Odisha             |
|    24 | Micro Finance Credit Cooperative Society Ltd., Bhubaneswar, Odisha                     | Odisha             |
|    25 | Green India Multi State Members Credit Cooperative Society Ltd., Ganjam, Odisha        | Odisha             |
|    26 | Bhavishya Credit Cooperative Society Ltd., Udaipur, Rajasthan                          | Rajasthan          |
|    27 | Apeshwar Credit Cooperative Society Ltd., Sirohi, Rajasthan                            | Rajasthan          |
|    28 | ARGOSY Credit Cooperative Society Ltd., Sirohi, Rajasthan                              | Rajasthan          |
|    29 | Shri Khoteshwar Urban Credit Cooperative Society Ltd., Sirohi, Rajasthan               | Rajasthan          |
|    30 | Marwar Urban Credit Cooperative Society Ltd., Barmer, Rajasthan                        | Rajasthan          |
|    31 | Arbuda Credit Cooperative Society Ltd., Sirohi, Rajasthan                              | Rajasthan          |
|    32 | Power Build Home Credit Cooperative Society Ltd., Jodhpur, Rajasthan                   | Rajasthan          |
|    33 | Sahyog Credit Cooperative Society Ltd., Sirohi, Rajasthan                              | Rajasthan          |
|    34 | Sundaram Credit Cooperative Society Ltd., Sirohi, Rajasthan                            | Rajasthan          |
|    35 | Bharti Credit Cooperative Society Ltd., Ajmer, Rajasthan                               | Rajasthan          |
|    36 | Sanjivani Credit Cooperative Society Ltd., Barmer, Rajasthan                           | Rajasthan          |
|    37 | Shri Swastik Credit Cooperative Society Ltd., Pali, Rajasthan                          | Rajasthan          |
|    38 | Arth Credit Cooperative Society Ltd., Jodhpur, Rajasthan                               | Rajasthan          |
|    39 | Navjeevan Credit Cooperative Society Ltd., Barmer, Rajasthan                           | Rajasthan          |
|    40 | ICICI Bank Staff Cooperative Thrift & Credit Society Ltd., Madurai, Tamil Nadu         | Tamil Nadu         |
|    41 | Silver Finance & Credit Cooperative Society Ltd., U.T. of Chandigarh                   | U.T. of Chandigarh |
|    42 | Anant-Nidhi Credit Cooperative Society Limited, Lucknow, Uttar Pradesh                 | Uttar Pradesh      |
|    43 | Gab Gramya Vikas Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh               | Uttar Pradesh      |
|    44 | Prithivi Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh                       | Uttar Pradesh      |
|    45 | Capital Credit Cooperative Multi State Society Ltd., Firozabad, Uttar Pradesh          | Uttar Pradesh      |