Posted on 12 December 2011 by Dipak Kumar
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.
Posted on 24 November 2011 by Vimal Kumar
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.
Posted on 27 July 2011 by Ajay Jha
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.
Posted on 01 July 2011 by Vimal Kumar
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.