Election Funds To Be Monitored Through Online Financial Management Software

In a bid to streamline financial processes and ensure transparency, the Maharashtra State Co-operatives Election Authority has partnered with the State Bank of India (SBI) to implement an online financial management system. This move aims to accelerate processes, reduce errors, and enhance transparency in managing election-related finances for ‘Notified Co-operative Societies Election Fund’.

The memorandum of agreement (MoU) was recently signed between Commissioner Jagdish Patil, Secretary Vasant Patil, and State Bank of India Deputy General Manager Navin Mishra. This collaboration marks a significant step towards modernizing and optimizing the management of election funds.

The newly established process directly handles funds deposited for the conduct of co-operative housing society elections. These funds are credited to the election officer’s account and utilized for election-related purposes.

Moreover, an online portal has been developed to facilitate streamlined approval processes for election expenses by relevant officials. This portal enables efficient communication and ensures that all concerned parties can provide their in-principle sanction for election expenses.

The election authority’s jurisdiction extends to conducting elections for co-operative housing societies with more than 250 members, district agriculture produce committees, and all co-operative institutions, including banks. This initiative underscores a commitment to fostering accountability and transparency in electoral processes within the co-operative sector.