Panaji (Goa): The financially unsound credit societies are likely to face the music, with State government announcing conducting audit of all the financial institutions in the co-operative sector. The step intends to ensure that the investors’ money is protected.

“General scenario of financial institution in co-operative sector is not very comfortable. Many credit societies are in red or moving around red,” Chief Minister Manohar Parrikar told reporters on Wednesday.

He said that government is not interested in interfering in the functioning but government will follow law strictly.

“We have decided to conduct special auditing of these financial institutions,” he said informing that a team of special chartered accountants would be appointed, who will undertake a detail revisions of full activities of societies.

“The move is to protect the investors’ money,” he commented

Team TNV