MSCARO, 2026 mandated by the Ministry of Cooperation relates to which subject?
- A.Election of office bearers in cooperative banks
- B.Statutory audit reporting by Multi-State Cooperative Societies
- C.Registration of new primary agricultural credit societies
- D.Minimum capital norms for urban cooperative banks
Correct answer
Explanation
The correct answer is statutory audit reporting by Multi-State Cooperative Societies. MSCARO stands for the Multi-State Co-operative Societies (Auditor’s Report) Order, and the version mandated now creates a uniform, structured and risk-based framework in which auditors report on financial, administrative, governance and statutory compliance parameters through a standard format with clear Yes or No answers and remarks. Options A, C and D deal with matters the order does not cover. The framework is modelled on the Companies (Auditor’s Report) Order that applies to companies, and it was prepared with inputs from the Reserve Bank of India, the Institute of Chartered Accountants of India, the Comptroller and Auditor General of India and the societies themselves. Its stated purposes are early detection of financial stress, protection of members’ funds and stronger compliance with statutory and governance requirements.
Read the full article: MSCARO 2026: New Audit Order for Multi-State Co-ops
Practice Questions
Under which provision has the Central Government been empowered to prescribe auditing and accounting standards for Multi-State Cooperative Societies?
- A.Section 73(6) of the Multi-State Co-operative Societies (Amendment) Act, 2023
- B.Section 35 of the Banking Regulation Act, 1949
- C.Section 143 of the Companies Act, 2013
- D.Article 243ZH of the Constitution
Show answer
That amendment gave the Central Government the power to prescribe auditing and accounting standards for these societies, and the new audit reporting order has been formulated in pursuance of the provision.
Read the full explanation →Which societies are covered in the initial phase of MSCARO, 2026?
- A.Those crossing Rs 100 crore
- B.Those crossing Rs 250 crore
- C.Those crossing Rs 1,000 crore
- D.All registered societies from the first day
Show answer
Implementation has deliberately been made phased, and the first phase covers larger societies that cross this threshold in the relevant financial parameters, so that smaller institutions have extra time to strengthen their internal systems and processes before the enhanced reporting reaches them.
Read the full explanation →According to the decision, how much freight did Indian Railways load in 2025-26?
- A.1,512 million tonnes
- B.1,670 million tonnes
- C.1,845 million tonnes
- D.2,100 million tonnes
Show answer
The bonus was approved on the strength of the railways' performance in 2025-26, and the government cited a record freight loading of 1,670 million tonnes for that year together with a passenger count of nearly 7.41 billion.
Read the full explanation →What is the total amount sanctioned for the Productivity Linked Bonus to railway employees?
- A.Rs 1,879.23 crore
- B.Rs 2,009.61 crore
- C.Rs 2,245.50 crore
- D.Rs 3,102.40 crore
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That is the amount the Union Cabinet approved for paying a bonus of 78 days' wages to railway employees, and it is spread across 11,40,770 employees.
Read the full explanation →The Productivity Linked Bonus approved for railway employees is equal to how many days' wages?
- A.60 days
- B.72 days
- C.78 days
- D.90 days
Show answer
The Union Cabinet cleared a Productivity Linked Bonus equal to 78 days' wages for railway employees, and this is the figure every other number in the decision hangs on: the total sanctioned amount, the per-employee ceiling and the count of employees covered are all tied to the same 78 days.
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