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What do the Kerala Cooperative Societies (Second Amendment) Rules, 2024 do?

AIntroduce new lending rates for cooperative banks and revise existing loan application procedures.

BEstablish stricter guidelines for cooperative bank mergers and acquisitions, and update capital adequacy norms.

CDefine 'Audit team' and 'Cooperative Revival fund scheme' and update registration methods

DMandate digital transformation for cooperative banks and introduce new cybersecurity regulations.

Answer:

C. Define 'Audit team' and 'Cooperative Revival fund scheme' and update registration methods

Read Explanation:

KCS ACT 1969

SECTION : 1 RULE 1

  • SHORT TITLE, EXTENT, COMMENCEMENT

  • Title - Kerala cooperative societies act 1969.

  • Extent - The whole state of Kerala

  • Commencement : 15-05-1969

  • These rules may be called the Kerala cooperative societies 2nd amendment Rules 2024.

  • They shall come into force at once

  • Amendment to the rules in the KCS rules 1969.

Sec 2 Definition (Amendment)

  • Amend of Section 2 -In sec 2 -ACT 21 of KCS ACT 1969

  • Sec 2 (ab) - Auditing of Accounts of Cooperative society

  • Close Examination of financial transaction overdue debt if any,

  • Maintenance of books of accounts, documents, and other records of a business

  • Preparation of audit report

  • Inquiry into the affairs of the society and subsidiary institution in order to ascertain the correctness of accounts.

  • Activities where useful in promoting the economic welfare of the members in accordance with cooperative principles

  • Amend - It includes verification of accounts through software solutions.

  • Auditing of information system

  • Migration of data in the case of societies whose accounts are computerized


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