Panels to scrutinize all cooperative gold loans in Tamil Nadu

Panels to scrutinize all cooperative gold loans in Tamil Nadu

MADURAI: Special teams constituted to scrutinize gold loans provided by cooperative societies across the state have to complete 100% scrutiny of all loans and submit their reports to the concerned regional registrar of cooperative societies by November 15.

The regional joint registrars would submit their compiled reports on the status of the loans in their regions to Registrar of Cooperative Societies, Chennai by November 20.

This was stated in a communication dated September 24 from the registrar to the managing director, Central Cooperative Bank, Chennai, regional registrars and other officials. It said the chief minister had announced under Rule 110 of the Assembly that all eligible gold loans up to five sovereigns obtained through cooperative societies would be waived. But it has been detected that misappropriations have taken place in providing these gold loans and hence it has been decided to scrutinize the loans provided through the societies.

According to the chief minister’s announcement in the Assembly, the state would incur an expenditure of Rs 6,000 crore due to the waiver. The registrar has said that all gold loans that had been obtained till March 31, 2021, and from April 1, 2021, to the date of scrutiny should be reviewed 100%.

Committees comprising joint registrars of the societies should decide on the number of gold appraisers needed for the scrutiny and form committees.

Cooperative societies in each region would be scrutinized by teams from the neighboring region. For example, the Trichy region would be reviewed by officials from Ariyalur, Karur by Dindigul, the Theni region by officials from Madurai, etc

Source: Economic Times

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