'Auditors should guard against co-op banks lapses'

Auditors scanning records of co-operative banks should be made responsible for lapses on part of these banks, according to Vinay Kore, state minister for non-conventional energy and horticulture.

Kore was inaugurating a training camp for auditors organised at Kolhapur by Warana Co-operative Bank, a leading co-operative bank in south Maharastra.

While pointing out the challenges faced by co-operative banks, Kore said the ever expanding reach of private banks could pose a tough challenge to co-operative banks.

To prevent scams, the auditors should keep a sharp eye on their records in the backdrop of many cooperative banks going under in recent times. Auditors should be cautious and impartial while auditing co-operative institutions, said Kore.

M B Tribhuvan, regional registrar of co-operative societies of the state, said that the training and refresher course organised by Warana Co-operative Bank is an unique effort and should be organised in various regions of the state.

Auditors' remarks indicate strength of a bank. He stressed that auditors should be sincere and strict while auditing banks.