Loan defaulting societies will be scrapped: Minister
Source: Chronicle News Service / DIPR

Imphal, February 20 2023: Cooperation minister Nemcha Kipgen has emphasised on the importance of transparency, sincerity and regular repayment of loans in order to keep the cooperative societies alive and fully functional, and added that registration of loan defaulting societies will be revoked.

She made the statement during the launch function of online portal for registration of cooperative societies along with inauguration of a training programme for farmers held at the office complex of Registrar for Cooperative Societies, Lamphelpat, here, on Monday.

Stating that cooperative is one of the effective tools to bring development in the state, Nemcha also acknowledged the role of cooperative movement in the socio-economic development of the state and appealed to all to make Manipur, a model cooperative state not only in India but also in the world.

She explained that the newly launched portal for registration of cooperative societies will ease the process for registration of newly formed cooperative societies as one may register at his/her own convenience at the tip of their fingers through the portal.

The minister said that one can check the status of their registration through the portal and informed that as per Manipur Public Services Delivery Guarantee Act, 2021, registration must be completed within 30 days from the date of filing application.

It may be mentioned here that the online portal was launched under the initiative of Business Reforms Action Plan (BRAP) to enhance G2C (Government to Citizen) and C2G (Citizen to Government) services for Ease of Doing Business (EODB).

Nemcha highlighted that fishery sector plays an important role in utilising the state's available resources for economic growth.

To improve the status of fishery cooperative societies in the state, the department has approached NCDC for financial assistance with 25 per cent subsidy.

The project, once approved, will be implemented in Imphal East, Imphal West, Bishnupur and Kakching districts.

The total project cost is Rs 38.27 crore out of which Rs 9.56 will be subsidy and Rs 1.91 crore will be own contribution of the societies.

Beneficiaries availing the assistance will need to repay the loan in five years.

The loan will be credited into the respective accounts of the societies in phase manner and beneficiaries need to mortgage their land to the department to avail the loan.

They can also nominate a government employee as guarantor instead of land mortgage, she explained.

Nemcha further informed that beneficiary societies shall have to nominate two or three members for training before releasing the loan.

The project will be implemented on trial basis.

Mortgaged land of the cooperative societies will be forfeited in case of default in repayment of loan and registration of the society will be revoked.

A fresh guideline for ensuring transparency and accountability among the cooperative societies will be framed soon, she added.

Additional chief secretary (cooperation) P Vaiphei, special secretary (cooperation) Mannuamching and registrar of cooperative societies Arambam Valentina also attended the event.

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