Former Finance Minister T.M. Thomas Isaac said here on Monday that lessons had to be learnt from the scams in the Karuvannur Co-operative Bank and other banking institutions.
“The audit process should be strengthened. Political parties must oversee the functioning of these institutions. They are accountable to the public,” he said.
Mr. Isaac said the lapses would help the government take corrective steps in the cooperative sector. The government must also act against those responsible for the irregularities. This is an opportunity to correct mistakes, and the government will do it, he said.
