Bicholim: The state government will maintain a close watch in the function of financial institutions because there are examples of individuals sucking people’s money through the cooperation entity, said the Head of the Pramod Sawant Minister.
Sawant was handling the meeting after inaugurating the cooperative supermarket deendayal in Bordem in Bicholim on Thursday.
He said some individuals had wasted the money of the poor by plundering cooperative institutions and some entered this sector with similar intentions.
“Those who loot small investors take a good person.
Crores of rupees swallowed by some individuals with the pretext of paying double interest on one or two years.
That is why from now on the government keeps the eye near every institution,” Sawant said.
He said arrangements had been made to ensure that no institution went bankrupt in the future and public money would not be lost if bankrupt.
Urban Urban Cooperative Banks and Madgaon suffered losses as people who manage do not have plans and have no sense of responsibility.
They pretended to be Sahakar Maharishi (cooperative leader), said the minister.