India to tighten rules for credit cooperatives
Govt to penalise co-ops that fail to repay investors, violate other rules
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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