Goa Chief Minister Directs Credit Society to Submit Financial Documents for Scrutiny
In a significant development concerning financial regulation in Goa, Chief Minister Pramod Sawant has issued a direct instruction to officials of the Tirumalla Tirupati Multistate Cooperative Credit Society. During a meeting held in Panaji, the Chief Minister directed the society's representatives to immediately submit all required financial accounts, comprehensive audit reports, and other essential compliance documents to the Registrar of Cooperative Societies.
Government's Stance on Lifting Restrictions
Chief Minister Sawant made it unequivocally clear that the state government will only consider lifting the current restrictions imposed on the multistate society after thoroughly scrutinizing the submitted documents. "They came to meet me. I already told them to submit all papers and documents as per the queries raised by the registrar of cooperatives. Once they submit their papers, the government will then consider," stated Sawant, emphasizing the conditional nature of any future regulatory relief.
Background: Withdrawal of No Objection Certificate
The urgency of this directive follows the abrupt withdrawal of the No Objection Certificate (NOC) previously granted to the Tirumalla Tirupati Multistate Cooperative Credit Society Ltd by the Registrar of Cooperative Societies in Panaji. This regulatory action has effectively frozen the society's expansion plans and ongoing operations within the state of Goa.
The primary reasons cited for this drastic measure include the society's failure to submit audited financial statements as mandated by law. Furthermore, the credit society repeatedly ignored official calls for statutory inspections and disregarded multiple formal notices issued by the regulatory authority over an extended period.
Chronology of Non-Compliance
Chief Minister Sawant provided additional context, noting that "The notice went to them in October 2025, then the issue got flagged in our state-level committee. I cannot say why they failed to comply, but I told them urgently to submit the documents and then the government will think. At the moment, I need to verify their papers."
Minister for Cooperation Subhash Shirodkar elaborated on the timeline of non-compliance, revealing that formal notices were issued to the Tirumalla Tirupati Multistate Cooperative Credit Society in 2023, 2024, and again in 2025. Despite these repeated communications, the society consistently failed to respond or comply with the regulatory requirements.
Concerns for Depositors and Financial Stability
Minister Shirodkar addressed growing concerns among depositors, stating, "For depositors, if the society has money and assets, then they need not worry, but we need to find out first. I don't know their financial status." This statement highlights the uncertainty surrounding the society's actual financial health and the need for immediate transparency.
The cancellation of the society's license has sparked considerable unease among depositors, who fear a potential repeat of the distressing situations faced by customers of other failed cooperative institutions in Goa. These include the Mapusa Urban Cooperative Bank, the Madgaum Urban Cooperative Bank, and several other cooperative societies that previously collapsed in the state, leaving depositors in financial distress.
Regulatory Implications and Future Steps
The current situation underscores the Goa government's intensified focus on financial compliance and regulatory oversight within the cooperative banking sector. The immediate submission of documents by the Tirumalla Tirupati society will be crucial for determining its operational future and restoring confidence among its depositors and stakeholders.
This development represents a critical test of regulatory enforcement mechanisms in Goa's financial landscape, with potential implications for how cooperative credit societies are monitored and held accountable across the state.
