Panaji: Significant strides in financial discipline have led to a considerable decline in non-performing assets (NPAs) across Goa’s co-operative credit societies, according to Minister for Cooperation Subhash Shirodkar.
Speaking at the launch of the Goa State Co-operative Policy 2026 at the Secretariat in Porvorim on Thursday, Shirodkar said that of the 19,706 new loan accounts opened in the last 15 months, valued at Rs 1,041 crore, only 105 have become non-performing assets (NPAs), totalling just Rs 65 lakh.
The minister attributed this improvement to a new mandate effective January 1, 2025.
The new directive holds branch managers personally responsible for recovery of the loans they sanction.
Despite these gains, Shirodkar said that the sector continues to battle a major problem with cheque bouncing and loan defaults. The state’s 144 urban credit societies are currently managing approximately 10,000 court cases related to bounced cheques.
To address this, the Registrar of Co-operative Societies (RCS) has established a specialised NPA loan recovery cell, which Shirodkar described as one of the best in the country and a model recognised by the central ministry.
The new state policy also emphasises digital transformation, with Shirodkar announcing that all RCS services, including society registration, financial assistance and filing of audit reports, have moved online.
Regarding the government’s recent decision to revoke the licence of Tirumala Tirupati Multistate Co-operative Credit Society Ltd. due to regulatory violations and a lack of audited statements, the minister said that a review of the society’s financial status is under way. A final decision on whether to reinstate the licence is expected shortly, he said adding that the society has submitted the required documents.
