Sunday, 13 November, 2011


No.ADL (3) 35252/71.     
Office of the Registrar of Co-operative Societies
                                              Thiruvananthapuram, 16th February 1972
Sub:   Arbitration-Communication of awards to Judgment Debtors (defendant/s)- Instructions issued.

The attention of the officers of this Department is invited to the provisions of Rule 68 of the Kerala Cooperative  Societies Rules, 1969 and they are requested to observe strictly the procedure prescribed therein. The concerned officers are also requested to see that:-
(i)      The notice of hearing of the arbitration reference is issued at least 15 clear days before the date fixed for hearing. 
(ii)     The decision/order/award thereon shall as far as possible be pronounced in open court on the date of hearing itself. 
(iii)    If the decision/Order/Award is not pronounced on the date of hearing itself a further notice shall be issued specifying the date of announcement of the same.
(iv)    An attested copy of the decision/order/award shall be sent to the person who files the reference by registered post with acknowledgement due. 
(v)     A gist of the decision/order/award shall be sent to the opposite parties under certificate of posting if they were not present at the time of delivering the same. 
(vi)    If the reference is disposed under clause (b) or clause (c) of sub section (1) of the Section 70 of the Act the person who disposes the same shall prepare such number of attested copies and gists of the decision/award as are required to be served on the parties and forward the same to the officer who received the reference under section 69 of the Act.

The Deputy Registrar will give necessary instructions in this matter to all the officers under them for strict compliance.
K. Krishnan Nambiar
Registrar of Cooperative Societies

Office of the Registrar of Co-operative Societies
                                              Trivandrum, 25th February 1972
Sub:      Co-operative Societies-Staff amenities-Employee’s Provident Fund and gratuity-Enforcement of provision in the Act-Reserves to be made in the Audit reports-Instructions issued.
Ref: 1. Registrar’s Circular No. 7805/70/G3 (No. 25/70) dated 4-5-1970
        2. Registrar’s Circular No. G3-18642/71 dated 8-6-1971 (23/71).
        3.  Registrar’s letter No.G3-595/72 dated 15-1-1972.

The attention of all the Deputy Registrars (Audit) is invited to the Circulars cited as items (1) and (2) above wherein instructions were issued to the Co-operative institutions to introduce the Provident Fund and Gratuity Schemes for the benefit of their employees, after framing detailed regulations.  It has been represented that several institutions have not yet introduced these schemes.  According to Sections 61 and 62 of the Kerala Co-operative Societies Act and Clauses 58 and 59 of the Kerala Co-operative Societies Rules it is obligatory on the part of the societies to establish the funds for payment of Provident Fund and Gratuity to their employees.  The contributions to be made  by the societies at the minimum rates prescribed in the rules have to be charged to the profit and loss account of the societies irrespective of the fact whether the societies have introduced the scheme or not.  All the Deputy Registrars (Audit) and the Auditors are therefore   informed that in Future provision for Employees’ contribution to the Staff Provident Fund and Gratuity fund shall be made in the balance sheet at the time of preparing the Audit Reports even if the societies have not introduced the schemes or adopted necessary subsidiary regulations.  The Employees are entitled for these benefits from the year 1969-70 and hence such provisions should be included in all audit reports for 1969-70 and subsequent years, to be issued hereafter.  In cases where the audit reports have already been issued without making provisions, necessary provision may be made in the subsequent years.
K.Krishnan Nambiar
Registrar of Co-operative Societies

Office of the Registrar of Co-operative Societies
                                              Thiruvananthapuram, 22nd February 1972

CIRCULAR No. 11/72

Sub:   Procedure in maintaining and recording the Minutes of the meeting of the Board of Directors, Sub-Committees, General body meeting  etc. Instructions-Issued.

It is brought to the notice of this office that there is no uniform procedure in maintaining and recording the Minutes of the meetings of the Board of Directors etc. of the different types of Co-operative Institutions.  It is high time that the Co-operative Institutions develop a proper procedure about  business meetings.  In view of the fact that there is no definite directions in this regard; the following instructions are issued for strict compliance.
(i)      The Secretary shall be responsible for preparing Agenda for the Meeting.  Agenda should be written up at the left hand side of the Minute Book leaving sufficient space for writing up the decisions at the right hand side against each item.  The Secretary shall sign below in token of having placed the Agenda.  The relevant papers in support of all items included in the Agenda should be put up by the Secretary to the President with his detailed notes for placing before the Meeting.  The items suggested by the President or other Members of the Committee should also be included in the Agenda by the Secretary.
(ii)     As far as possible, the full text of the Agenda and notes should be communicated to the Directors along with the Notice of the meeting.
(iii)    The Secretary should attend all the Meetings i.e. Board Meeting, Sub Committee Meeting and General body.
(iv)    The discussion in respect of each item of the Agenda may be recorded by the President or by any member of the Board authorised on this behalf.  The resolutions should be in clear terms and any vague resolutions such as “office note approved” etc. should be avoided as it may create unnecessary complications to implement the suggestions.
(v)     In big societies the Minutes should be communicated individually to all the Committee members.
(vi)    The minutes Book shall be kept under safe custody by the Secretary and shall be made available for inspection by the President and other Directors at all reasonable times.  But it shall not be removable by the president or other Committee Members outside the office premises.
(vii)   Blank spaces in the Minute Book should be scored out and all corrections, overwritings, erasures etc. should be clearly noted at the end before the Minutes are signed by the President and other Committee Members.’
(viii)  The Minutes of the Meeting should be attested by all the members of the Board who were present at the Meeting and that the Proceedings have to be read out and recorded at the subsequent meeting.

All the Co-operative Institutions are requested to adopt the above procedure scrupulously.
K. Krishnan Nambiar
Registrar of Co-operative Societies

No.PL&C (3) 19124/71.        
Office of the Registrar of Co-operative Societies
                                                Thiruvananthapuram, 18th March 1972

CIRCULAR No. 12/72

Sub:   Retention of Cash balance by Primary Societies-Instructions issued.

It has been noticed by this office that the existing provisions in the bye-laws of Primary Co-operative Societies provides for retention of Cash balance at  a very Low Level and this was one fixed in the very early period of working of scoeities.  Now the societies have grown on all levels undertaking different activities such as distribution of Agricultural inputs, marketing, consumer business, introduction of Credit Card system, acceptance of all kinds of deposits etc.  the limit fixed in the bye-laws of the societies are often found inadequate when compared with the requirements.  Therefore, it is felt that there is a need to have a re-look on the level fixed for retention of cash balance by Primary Societies.

The Central Co-operative Banks and the Kerala State Co-operative Bank have been consulted and their views in this regard were obtained.  Most of the Central Banks held the view that no hard and fast rule can be prescribed for fixing the limit, as this can be fixed only in relation to the daily business requirements  nature of deposits held by the societies, loan transactions etc.  This may vary from society to society.

The views of the Kerala State Co-operative Bank is that the minimum cash balance to be kept by the society may be fixed taking into account the position and nature of deposits, volume of business, proximity to the branches of Central Banks and in consultations with the financing bank.

The suggestions of Central Banks and Kerala State Co-operative Bank have been examined in detail and considering all the aspect, following instructions are issued.

The Cash balance to be kept by the primaries should be fixed, taking into account the positions and nature of deposits held by the societies, volume of business, fluid resources required and proximity to the branches of Central Co-operative Banks etc.  the limit should be fixed in consultation with the financing bank and with approval of the concerned Deputy Registrars of the Districts.  All Primary Societies are hereby advised to make necessary amendments to the provisions in the bye-laws of the societies suitably as instructed above.
For Registrar of Co-operative Societies

Office of the Registrar of CooperativeSocieties,
                                               Trivandrum, 16th May 1972

CIRCULAR No. 24/72

Sub:   Fixation of Sale price of medicine sold in Medical Sections of Wholesale Co-operative Consumers Stores-Regarding.

It is seen that in the Medical Sections of some of the Wholesale Stores, medicines are sold to yield a fixed margin of profit calculated at a fixed percentage, say 7 or 8%.  This is not a healthy practice as this will give rise to unfair instances, like the one the undersigned had occasion to notice in the Ernakulam District Wholesale Consumer Co-operative Stores, where a bottle of a particular medicine was seen sold at 9 pies less than the price at which it was being sold by the local retail medical shops.  The sale price fixed by the local shops for this particular medicine was Rs. 4.92 while that fixed by the wholesale stores was Rs. 4.83 only.  It is not necessary for the consumer stores to sell medicines at a price so lower than that prevails in the local market.  This is to avoid unnecessary competition in the market and to ensure better margin to the store. It is however desirable that the stores follow an active price policy.

In order to ascertain, the prevailing market price of the various items of medicines, the Secretaries of Wholesale Stores may if necessary effect purchases of a few select items of medicines from the local retail merchants and then fix the price of the commodities to be sold from their medical shops taking into account the price prevailing in the local market based on the purchases.  The articles so purchased from the local market may be added to the stock of the Medical Shop of the Wholesale Stores and resold.

They should take particular care in the matter of local retail purchase of these items and should see that the purchases are made only with a view to study the price structure followed by the private trade.  The action taken may be reported to this office.
K. Krishnan Nambiar
Registrar of Co-operative Societies

No ADL (1) 12274/72.          
Office of the Registrar of Co-operative Societies
                                                  Thiruvananthapuram, 5th June 1972
CIRCULAR No. 26/72
Sub:   Audit-Method of providing depreciation on different items of assets-Instructions issued.
It is found that there is at present no uniformity in the method of charging depreciation of assets in the Co-operative audit or in the rates followed for the purpose.  In order to bring about uniformity in the procedure for charging depreciation, the following instructions are issued.
1.       The Depreciation Fund System may be adopted for all items of assets except stock in trade, loose tools and live stock.  Under this systems, the asset account will show a balance at its cost price and the amount of depreciation is debited to profit and loss account and credited to the concerned Depreciation Fund account. This system will continue either till the amount under the Depreciation Fund equals to the cost price of the asset or till the assets are finally disposed of. The difference between the original value of the asset and the depreciation reserve created will represent the book value of the assets.  Any amount realised in excess of the Book value of asset at the time of disposal of the asset, should be shown as “Capital Reserves” for that particular items of asset.
2.       In the case of stock in trade the value of stock in hand at the close of the accounting year is to be valued at the market value or cost price whichever is less.  The instruction issued earlier regarding the valuation of stock-in-trade should be followed.
3.       In respect of loose tools and livestock the depreciation is to be charged on the basis of revaluation of the assets at the close of the year.
4.       The following rates are prescribed for charging depreciation on various types of assets.
(a)     Freehold land-No depreciation need be charged on land, unless there is any natural condition resulting in a reduction in the value of the land.
(b)     Property and building-2 ½%  per annum on the cost price of the buildings which are of permanent structures.
(c)     Plant and Machinery including vehicles and other equipments-A fixed rate calculated on the basis of the probable period of the working life of the asset.  The amount of depreciation has to be arrived at by fixed instalment system on the cost price i.e., total cost divided by the number of years of estimated life of the asset.
In the case of sugar Mills, Spinning Mills etc., the erection charges paid, spare parts used, additions and alterations made etc., should be capitalised first provided such additions and alterations increase the efficiency of the working.  The depreciation reserve should be created on the value so capitalised at the fixed instalment system.

(d)  Furniture and fittings:-
(i)      Iron Safe, Almirah Racks & Tables                                                5% of the value
(ii)     Iron Chairs, trays and similar articles of rough use             5% do
(iii)   Teak or Rose-wood (Hardwood) Almirah tables and racks            10% do
      (iv)    Other wooden articles                                                                     5% do
(e)     Depreciation on Government securities and other trustee securities:-Full reserve for the difference between the cost price and Market price (i.e.. Due to the fluctuation of Price value) should be made at the end of each year by removing last year’s reserve, if any;

Note:-In case subsidy or grant is received and utilised for the acquisition of any fixed asset the amount of depreciation chargeable on such assets may be adjusted against such subsidy, if the institution could not make provision for depreciation without running into loss.
(i)      Other items of assets:- The amount of depreciation to be charged is the difference between the book value and realisable value at the end of each year as estimated by the auditor.
(ii)     The value of land and value of building should be shown separately.
(iii)    In the case of Institutions coming under the Banking Regulations Act, the Book value and depreciation charged should be shown in the inner column of the Balance sheet invariably.
(iv)    A statement showing the original value of the asset and depreciation so far charged during each year should be appended to the Audit Note.

The procedure prescribed herein should be followed in all future audits. Depreciation Fund System may be introduced by recasting the “Depreciation writing down system” wherever information is available about the original value and the written down depreciated amount so that, it is possible to have a real assessment of the hidden inherent value of those assets vis-à-vis  to the original value.
K. Krishanan Nambiar
Registrar of Co-operative Societies
No.G(3) 27983/72.     
Office of the Registrar of Co-operative Societies
                                              Thiruvananthapuram, 9th June 1972
CIRCULAR No. 28/72
Sub:   Criminal prosecution-Launching of prosecution against employees and office bearers of Co-operative Institutions-Handing over of cases to the Vigilance Division or Local Police-Instructions issued.
Ref:   G.O.(MS)No.24/71/Vig. Dated 6-12-1971.
According to the instructions contained in the G.O. cited misappropriation cases involving Government or Public Servants in which the amount exceeds Rs. 5000 should be referred to the Vigilance Division for investigation and that all other cases of defalcation of public moneys or properties amounting to or valued at less than Rs. 5000 belonging to State Government or to institutions under the control of the State Government (including moneys or properties of Co-operative Societies) should be reported to the local police.  There are also standing instructions that action for grave irregularities involving offence under the I.P.C. should not be delayed or dragged on indefinitely under cover of statutory enquiry or detailed audit.  This should not however mean that any allegation should immediately be referred to the vigilance division/local branches without satisfying whether there is a prima facie case for action.
It has been brought to the notice of the Registrar that some Deputy Registrars send vague reports to the vigilance branch/local police without verifying whether the allegations are true, whether there is any evidence to substantiate the allegations and whether there is prima facie a case for  criminal action.  In the case of Co-operative Institutions the Deputy Registrars are competent to enquire into such cases by invoking the provisions of section 65 and 66 of the Act.  But such enquiry or inspection need not be so elaborate.  It is also desirable to consult the Government Pleader so as to ascertain whether there is a prima facie case for further action by the vigilance branch/local police or whether it is necessary to collect further evidence by the department.  While reporting the matter to the vigilance branch/local police the Deputy Registrars should furnish all relevant details so that the report may be really helpful for expeditious investigation.
A questionnaire is appended to this Circular detailing the various points on which information is necessary for a full appreciation of all the circumstances relating to misappropriation in societies.  The report may be prepared in a narrative form so as to cover every point in the questionnaire.  Each main question should be covered by a paragraph, with a suitable heading.  If any point doesnot admit of any reply, there should be a statement to  that effect.  All the Deputy Registrars are requested to see that in future reports on misappropriation etc., to the police should certain information on all the points in the questionnaire.  A copy of the report should also be forwarded to the Registrar for information.

Some times reports of allegations are received direct by the vigilance branch or local police.  The police may require the assistance on departmental officers to enquire with such matters.  Wherever any such requisition for an enquiry or inspection or for the assistance of departmental officers is received by the Deputy Registrars they should take immediate action and send reports to the police with the least delay.
K. Krishnan Nambiar
Registrar of Co-operative Societies

Report on misappropriation

1.       Full name and address of the Society:

2.       Preliminary:
State the full circumstances relating to the detection of the fraud-the date when the fraud was first noticed, the officer who noticed it, whether it was date in the course of his routine duties such as audit or inspection or an information furnished by others, if so by whom and on what kind of information.

3.       The alleged delinquents:
Who are the alleged delinquents give their names-their relationship to the society, the period for which they have been connected with the society etc.

4.       The items of fraud:
Give all the items of misappropriation, whether supported by evidence adequate for prosecution or otherwise.  The date, amount and nature of misappropriation should be, given briefly.  The items should however be grouped conveniently, such as (a) fraud through short crediting (b) fraud through belated credit (c) falsification etc. etc.

5.       The legal offences:
State the items out of these in question (4) above in respect of which prosecution can be launched, specifying the section of the Indian Penal Code under which the charges will full, against each item, and the persons to be charged under each item.

6.       Investigation:
State the names and details regarding the persons examined in the course of the investigation and whether statements were records from all of them if not state the reasons for the omission.  Have the alleged delinquents and all the necessary witnesses been examined and their written statements obtained.  If not state the circumstances in which it could not be done.  State succinctly the salient points of the depositions of each party, and the extent to which it could be made use of for the prosecution.

7.       Motive for the crime:
          It should be shown how the moneys of the society have been misused.

8.       Evidence:
Detail the evidence available classified (a) circumstantial (b) documentary and (c) oral.  Discuss briefly the reliability and the weaknesses in the evidence available from the point of view of prosecution.  It should be examined whether entrustment can be proved in the case of a charge of breach of trust whether office bearers other than the delinquents proper can be charged with abetment or conspiracy and if so to what extent, should be started.  Facts like who was maintaining the cash book and other accounts who is the office hearer responsible under the rules and bye-laws for the custody of the cash balance, whether the cash book was signed by the Secretary or the Accountant, in respect of the entries on which the charges are to be framed etc., should be stated.  State whether all the documentary evidences have been seized; if not the circumstances in which it could not be done.

9.   Legal opinion:
State if the Government pleader was consulted regarding the adequacy of the evidence for prosecution and what his opinion is.

10. General:
State whether any complaint has already been given to the police.
State if all the office bearers and others responsible for the frauds have been removed from the society and if not what stands in the way.
Registrar of Co-operative Societies

Office of the Registrar of Co-operative Societies,
                                             Trivandrum, 14th August 1972
Sub:   Supersession of committee of Co-operative Societies and appointment of Administrators/Special Officers-Supervision and control over the Administrators/Special Officers-Instructions issued.
Administrators in the Co-operative Institutions are appointed under section 32 or section 33 of the Kerala Co-operative Societies Act.  The duties and powers of the Administrators so appointed are laid down under subsections 4 and 5 of section 32 and subsections (2) and (3) of Section 33. The Administrator shall subject to the control of the Registrar and to such instructions as he may from time to time give, have power to exercise all or any of the functions of the Committee or of any Officer of the society and take all such actions as may be required in the interest of the society.
2.       It is however observed that very often the departmental officers appointed as Administrators do not take up seriously the duties and responsibilities of such Administrators. Very often the Circle Officers and the Deputy Registrars also fail to exercise adequate control over the Administrators or to give them proper guidance.
3        In respect of societies whose committees have been superseded under section 32 the rectification of defects or the revival of the society is the main item of work for the Administrator.  As soon as the Administrator takes charge, an action programme should be drawn up and got approved by the Deputy Registrar.  In order to watch the implementation of the action programme and progress in the rectification work or in the revival of the society the administrator should submit to the Deputy Registrar every month a report on the rectification of defects irregularities or shortcomings pointed out in the supersession orders, and the progress in the implementation of the action programme.  The Deputy Registrars should obtain such reports promptly and issue monthly review pointing out the extent to which defects have been rectified and the action to be taken.  Copies of reviews on the rectification reports should be submitted by the respective Deputy Registrars to the concerned Joint Registrars in head Office for information.
4.         In the case of the Administrators appointed under section 33, their main task will be the constitution of a proper committee within the specified period.  They are also responsible for the proper management of the society and for carrying on all its functions efficiently till the management is restored.

5.       The Administrator is also the Chief Executive of the society.  It is difficult to prescribe clear guidelines regarding the role of the Administrator as it depends upon the nature of work of the society.  He should therefore see that his actions are aimed at the best interest of the society.  Particular   care should be taken in the matter of employment of funds and to avoid unnecessary expenditure.  In these matters his action will be the guidelines for the committee that follow and any unwise or irregular action on the part of the Administrator is likely to have serious repercussions on the future working of the society.

6.       It is observed that some of the Officers do not examine the question of future management of the societies, whose committees are under supersession, sufficiently in advance of the expiry of the period of supersession.  In some cases the proposals for extension of period are received after the period of supersession has actually expired.  The Deputy Registrars should take up the matter sufficiently early and send up their proposals at least a fortnight before the expiry of the period of supersession.  Where there is no necessity for extending the period action should be taken sufficiently early to elect a new committee in accordance with the rules so as to take up the management on the expiry of the period of supersession.

7.       It is further observed that superseded societies are not inspected periodically by the Circle Officers and Deputy Registrars before the restoration of normal management of the respective societies.  The Deputy Registrars are therefore requested to see that regular Inspection is done invariably in respect of all superseded societies  The inspecting Officers may be the Circle Officers in respect of lower categories of Administrators but the Deputy Registrars should also inspect all societies under supersession at least once in every quarter.  Any irregularity or wanton negligence on the part of the Administrator should be severely dealt with.

8.       The Administrators are subject to the usual disciplinary control as in Government service even while acting as Administrators. They should consult the Deputy Registrars before taking important policy decisions of far reaching importance and by effecting the financial position of the society.  In case of urgency they can meet the Deputy Registrar and discuss matters.
9.       By superseding the committee of a society the department takes up the responsibility for its proper management.  The Registrar therefore trusts that all Officers will bestow special care on the societies under supersession and show to the public how the Department is interested in restoring proper management in the case of bad and dormant societies.
T. R. Sankara Pillai
Registrar of Co-operative Societies

No. PL&C3-4286/72.
Office of the Registrar of Co-operative Societies,
                                             Thiruvananthapuram, 18th August 1972
CIRCULAR No. 39/72
Sub:           Sureties-Limits upto which members of Primary Co-operative Societies can stand as sureties-Instructions issued.
Ref: 1. Letter No O3532/69 dated 7-4-1969 from the Deputy Registrar, Trichur.
       2. Letter No.ACD (TVM) 2108/L (1)71 dated 19-1-1972 from the Reserve Bank of India.
       3. Letter No. ACD (TVM) 2108/L (1) 71/2 dated 25-2-1972 from the Reserve Bank of India
       4. Letter No.ACD (TVM) 2915/K (1) 71/2 dated 9-5-1972 from the Reserve Bank of India.
The Trichur District Co-operative Bank has represented through the Deputy Registrar that the linking of share capital with borrowings, may not be insisted in the case of sureties since it brings much difficulties to the members of the societies for availing of loans.  As per the existing practice the borrowers offering personal surety have to offer two personal sureties having a paid up share amount up to 50% of the shares to be held by the principal debtor for borrowings from the society.
In other words wherever the principal debtor has to take 1/10 of the loan as shares, sureties have to take worth 1/20 shares of the loan taken by the principal borrower.  So wherever the sureties are not borrowers, this stipulation causes hardship to the borrowers to find out proper sureties having the required share qualification.  Hence it is requested that necessary advice may be given taking into account the difficulties experienced by members in this regard.
The request of Deputy Registrar has been examined in detail.  The question as to whether sureties having only one share may not be accepted irrespective of the amount borrowed by principal debtor, has been taken up with the Reserve Bank of India.  After considering the advice received from Reserve bank of India following norms are prescribed.
1.                  In respect of hypothecation and pledge advances there is no need for taking sureties.
2.          No defaulter should be allowed to stand as sureties.
3.          A member can stand surety for loans not exceeding twice the individual maximum borrowing limit fixed for surety loans, provided he holds the minimum number of shares qualifying him to exercise membership rights in the society.  The question of holding additional shares arises only if he becomes a principal borrower. However the number of sureties required for surety loans has to be fixed as per the provisions in the bye-laws of the societies.
4.          The No. of personal sureties can be reduced to one surety.

All the primary credit societies are requested to adhere to the instructions by making suitable amendment to bye-laws.
Registrar of Co-operative Societies

Office of the Registrar of Co-operative Societies
                                              Thiruvananthapuram, 15th September 1972

CIRCULAR No. 40/72

Sub:   Extra levies on the societies and on the Judgement debtors-Regarding.
Ref:   Registrar’s Circular No. 5/1970 dated 22-1-1970.

The practice of charging extra expenses such as taxi-hire, petrol charges etc. by the societies on the Judgement debtors was disallowed in the Circular cited.  It has been brought to my notice that certain District Banks and Primary Co-operative Societies are still continuing the above practice, sidestepping the standing orders in this regard.  For the purpose of collecting overdue loans and interest, the levy of such extra charges on the judgement debtors is not only against the provisions of the Kerala Co-operative Societies Act and the Rules but also unjustifiable.  Any extra expenses incurred by way of hiring  taxi, etc. should not be passed on to the judgement debtors on any account.  The Deputy Registrars are requested to see that these instructions are observed in all institutions in their charge, and persuade such societies that have not acted according to the instructions, to discontinue this practice forthwith.
T. R. Sankara Pillai
Registrar of Co-operative Societies

PL&C (3) 42134/72.  
Office of the Registrar of Co-operative Societies
                                              Trivandrum, 22-11-1972
The Registrar of Co-operative Societies
All Central Co-operative Banks.

Sub:   Central Co-operative Banks-Inspection by Reserve Bank of India-Rectification of defects-General instruction issued-Regarding.
The Reserve Bank of India is conducting periodical inspection of Central Banks and they communicate inspection reports thereon to concerned banks and their observation on various points regarding the working of the bank.  The Central Bank has to forward their  compliance report after considering the observation of Reserve Bank of India by the Board of Directors of the Banks within a period of 3 months from the date of receipt of inspection report by the Bank.
It is noticed that the Central Bank do not usually invite the Deputy Registrar of Co-operative Societies of the concerned District, while discussing the  inspection reports by the board.  The presence of Deputy Registrar at the time of discussion of such inspection report will be very helpful in the matter of rectification of defects and making suggestions etc. on various steps to be taken by the Central Bank.  Besides this the Deputy Registrar will also be in a position to know how far the defects have been rectified and whether the Reserve Bank of India’s suggestions could be implemented without any difficulty.
The Central Banks are therefore requested to invite the Deputy Registrar in the District while discussing the inspection report of Reserve Bank of India by the board.  The Deputy Registrars are also requested to attend such meetings and  give necessary instructions to set right the lapses.  While they forward the remarks on the compliance report of the Central Banks they should indicate how far the suggestions of the Reserve Bank of India could be implemented by the bank and also the action taken by the Bank to rectify the defect.
Please acknowledge receipt of this letter.
Yours faithfully
For Registrar of  Co-operative Societies


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