Amendments will be made to the laws governing the cooperative sector as many of the existing laws are weak in the current context, Minister for Cooperation and Registration V.N. Vasavan has said.
The comprehensive amendments to the Kerala Cooperative Societies Act were expected to be presented in the next Assembly session, said the Minister after inaugurating a webinar organised by the Kerala NGO Union on the topic ‘Cooperative sector-challenges and solutions’ on Tuesday.
He said that the consultations with experts regarding the amendments were in the final phase. A complete overhaul would also be brought about in the auditing system, with the appointment of an independent director. On the loan scam unearthed at the Karuvannur Service Cooperative Bank, he said that it was something that should not have happened at a cooperative institution.
“If such a scam went on for 10 years, it could not have happened without the connivance of the bank…