Senior citizens continue to be duped into buying high-premium insurance policies, sold to them as annuity plans, with no attempt to stop or punish this widespread fraud.
Generally, the deputy registrar of cooperative societies (DtyRCS) appoints an administrator upon receiving complaints from members of the cooperative housing society (CHS), if they find that it is a fit case to expel the present managing committee. While the DtyRCS has the power to dissolve managing committees and appoint an interim administrator, it uses such powers sparingly and only to bring erring societies and their committees to book.
“Techies always come out with new buzzwords to scare us, so suddenly we have got this buzzword called artificial intelligence or AI. But there is nothing really great in terms of AI, because we have been using it all the time. When you use equipment like a calculator, you’re essentially using it as an extension of your brain. So you are relying on external intelligence, which, if you think about it, is really artificial intelligence. So nothing to get scared about, really,” said Yazdi Tantra
It is no secret that corruption runs rampant where power is centralised. In the case of cooperative housing societies (CHS ), certain dishonest members or office bearers sometimes embezzle funds for personal use, or they may abuse their position and power to favour some members of the Society.