Team Goemkarponn
PANAJI: Panic and uncertainty prevailed among customers of Tirumalla Tirupati Multistate Co-operative Credit Society Ltd. across Goa on Wednesday after the State Government abruptly withdrew the society’s No Objection Certificate with immediate effect.
News of the cancellation triggered anxiety among depositors, many of whom rushed to branches seeking clarity on the safety of their savings.
Customers were seen making repeated inquiries, expressing fear over possible disruption of services, withdrawals, and ongoing financial commitments. The sudden regulatory action has led to confusion and concern, particularly among small depositors who rely on the cooperative for day-to-day banking needs.
Several customers said they were caught off guard by the development and are awaiting clear communication from the authorities and the society regarding next steps. With the NOC revoked, apprehension continues to mount as depositors seek assurances on their funds and future transactions.
The Office of Registrar of Cooperative Societies has informed that the permission/ No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd., vide letters dated 31/07/2014 and 28/06/2018 permitting extension of its area of operation and opening of 13 branches within the State of Goa has been withdrawn and cancelled with immediate effect by the Government of Goa.
The said action has been taken following regulatory scrutiny and inspection carried out by the Office of the Registrar of Co-operative Societies, Goa, in accordance with the authority delegated to State Registrars for inspection of Multi-State Co-operative Societies operating within their territorial jurisdiction as per Section 108 of the Multi-State Co-operative Societies Act, 2002, read with the Circular issued by the Central Registrar of Co-operative Societies dated 24/05/2013.
The inspection and subsequent proceedings revealed serious and persistent non-compliance with statutory requirements and regulatory directions, including, inter alia: Non-submission of audited financial statements as required under law; Non-cooperation with statutory inspection and verification processes; Violation of the terms and conditions subject to which the NOC was granted; and failure to respond to or appear before the Registrar of Co-operative Societies despite due service of notices.
