“Conflict of Interest “is very much available in co operative societies and banks .Now a days conflict of interest is more prevalent and practised in co operative system. This makes the co operative movement becomes captive in the hands mighty ,making weaker section much poorer and slaves.It is no more for targeted vulnerable groups. It becomes a tool for Financial scandals. Reserve Bank of India is now empowered to regulate Co operative Banks. But other co operative societies are under control of political groups or interested groups. In the absence of National Law for Prevention of Conflict of interest there should be state wise demand for amendment of existing laws by inclusion of provision “preventing the conflict of interest” by judicial forum intervention in the Central and State Co operative Societies Acts.
Final solution lays in the Parliament to bring Constitutional amendment to create Agency just like CBI to see that conflict of Interest is prevented and prohibited as Statutory measure by Institutional mechanism. Constitution provides in List of Powers “ Union List : Entry 8 Central Bureau of Intelligence and investigation “
On this basis law should be brought in Parliament. More so Representative Peoples Act 1950 can also include such provision in pre and post election scenario. Government servants and Judiciary should also be covered under the provisions of Constitution.