The Government of Goa vide Gazette notification dated 19th October, 2021 has issued the Goa Co-operative Societies (Amendment) Act, 2021. The amendment provides that every co-operative credit society and other co-operative societies having credit business, shall register themselves under such Deposit Protection Scheme and pay
such contributions, so as to secure deposits of its depositors and members and take such other measures, as specified in the Scheme.
The Co-operative societies referred shall also renew the registration under such deposit protection scheme by making payment of annual renewal fees as specified in such scheme. The co-operative societies referred in shall appoint Chief
Executive who shall ensure that the registration of such co-operative societies under deposit protection scheme is timely done and renewed.
All sums received towards registration fees, annual renewal fee and contributions shall form part of a fund to
be called Deposit Protection Fund as may be constituted under the Deposit Protection Scheme.
