India to tighten rules for credit cooperatives
Govt to penalise co-ops that fail to repay investors, violate other rules
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New Delhi
INDIA will crack down on errant financial firms that raise funds, mainly from millions of rural poor customers, through loosely regulated credit cooperative societies, a senior official at the Ministry of Agriculture said.
This follows a Reuters investigation that revealed an expansion in fund-raising by embattled conglomerate Sahara India Pariwar using four credit cooperatives in different parts of the country.
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