PANJIM: The Registrar of Co-Operative Societies (RCS) has extended restrictions imposed on VPK Urban Co-operative Credit Society for a further period of six more months, with retrospective effect from June 2021.
However, based on the recommendation of the Task Force Committee for Credit and Urban Societies (TFCCUS), the Mardol based credit society has been granted certain relaxation, wherein the present withdrawal limit is enhanced from existing Rs 60,000 to Rs 1,00,000 per month per person.
The Society is permitted to sanction loan/advances from existing Rs 15 lakh to Rs 25 lakh taking into consideration the collateral security.
At present, the Society was permitted to sanction loan/advances upto Rs 15 lakh against secured collateral security.
The TAFCUS Committee appointed by the government for reviewing the progress of the society during the meeting held on June 11, on the basis of the statements submitted by the society, arrived at conclusion that there is need to increase the net worth by reducing the administrative and other costs.
The committee also opined that society shall come up with the strategic plan to overcome the losses to bring the business affairs of the society at the breakeven point of no profit no loss.
