India's Co-Operatives Under Legal Scrutiny

This report, dated December 23, 2004, comes from the Business-Standard of India, and is written by Ashish Aggarwal.

According to the report, India's co-operatives have been lax in compliances with the nation's laws governing their operations, both on a Federal and state level. This is serious in light of a financial scam in 2000, when customers of two co-operative banks lost money due to stock market fraud.

This should act as a wake-up call for India's co-op sector. People will lose trust in this method of doing business, especially in the financial sector, if scandals and double-dealing are not nipped in the bud. Let this be a lesson also for similiar ventures in the rest of the world.