Manoj Kushwaha

The Supreme court direction to banks operating in residential areas in Noida to shut down immediately has caused much dismay among the urban cooperative bankers active in the region.

When the indiancooperative.com asked  bankers’ their reaction on the supreme court’s direction, they  said  they would  obey the court’s ruling but  they  would  face  serious   difficulties of  relocation.

Prem Mishra , secretary Citizen bank  said that they would demand suitable space  from  the   Noida authority so that they could continue to render their services to the local public.

The apex court has given this ruling while examining a public interest litigation in the matter.

However, Noble cooperative bank Chief Executive  V. K. Sharma  maintained that the citizens should have easy access to the banking services and therefore the court’s ruling  might cause inconvenience to the public.

As the banks  had no choice but to submit to the apex court’s direction , they would  ask the Noida development authority to provide them with suitable space.

Urban Cooperative Banks are a community banking service and are generally bare of the scale of economics of the Corporate banks. Removing them from residential areas would not only prove costly for the banks but also defeat the very purpose of serving the community by being easily accessible to them.

By Manoj Kushwaha

Noble cooperative  Bank in NOIDA of Uttar Pradesh  has  consistently been  growing  and   managing  the  bottom-line  claimed Vijay Sharma  Chief Executive Officer & Secretary of the bank , talking to the indiancooperative.com correspondent.

While  the bank  has  had  an annual turn- over of Rs. 500 crores and a net profit of 1crore 16 lacs,  it   has set a target of 1 crore 50 lacs  of profit for the year 2011.  The  bank boasts  5 branches ,  15 thousand depositors and  a democratic  management   holding   elections every three years.

He regretted that   the banks are rated unimportant  in the cooperative movement  as their  promoters  are denied stability  and  directors not chosen on merit.

The cooperative banks not only provide their  account holders core banking service  but also offer them   daily deposit scheme. The banks have   zero non-performing assets  as there are no defaulters. It  transacts business  all the days in a week. Their main goal  is not profit but to protect the interests of their account holders, he added.

The noble bank strikes  the right  balance  of experience and youth  in its  workforce. The  bank  pans out as a  special entity  in that  the employees of the bank  compose the board of  directors and  are not paid a salary.

Housing Cooperative societies were in for a major shock in Noida in Uttar Pradesh on Wednesday when Supreme Court ordered individual registration for every owner as per the present circle rates.

The entire concept of cooperative societies goes for a spin if you are not getting benefit of community living. Several housing cooperative societies are hit by this decisions with the flat owners now obliged to pay anything from one lakh to 6 lakh, according to an estimate.

Flat owners have to  get individual registration of flats within the six months, ordered the Apex Court

Noida Co-operative society flat owners had approached the apex court to get some relief but the court rejected their plea.

The Uttar Pradesh Housing and Development Board (UPHDB) had issued a notice to these societies to furnish proper reports till July 23.

Registration amount would vary from area to area as circle rate of posh colonies are higher than that of not so posh areas.

Many coop housing societies of Gautambudh Nagar and Ghaziabad face the challenge of being de registered if they do not submit the papers by July 23.

On an inspection by the UP Housing Board it was found that housing societies numbering 30 have neither the up to date papers nor are they following the rules of UP Cooperative Act.

The list includes PMO Cooperative Housing society,Neelkantha Vatika Housing Cooperative Societies, Electronic Vihar Cooperative societies, Green Himalayan Cooperative Housing Societies and many others. They were found to be non operational withour any office or activities.

The Registrar of Housing Cooperative Societies whose office is in state capital; Lucknow has taken serious note of them and have issued notices. If these societies fail to reply satisfactorily by July 23, their registration would be cancelled.