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Cooperatives in Goa to be revived

PANAJI: The Goa Registrar of Cooperatives is likely to sign a memorandum of understanding (MoU) with the National Bank for Agricultural and Rural Development (NABARD) in July this year. The MoU is a step towards implementation of the recommendations of the Vaidyanathan Committee report on the revival of the cooperative institutions, which provide short-term credit.

The MoU will cover Goa’s 87 primary agricultural credit societies, which have a total outstanding agricultural credit of Rs. 22 crore.

Goa Registrar of Cooperatives P.K. Patidar told The Hindu on Wednesday that owing to some issues raised by the Law Department, the signing of the MoU had been delayed. However, it would be signed after the Government vetted the draft MoU.

The MoU with NABARD would include revival of cooperative institutions through financial packages and strict auditing and enforcement of standard governance for institutions that provide short-term agriculture loans, Mr. Patidar said.

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