Addressing representatives of multi- state cooperative banks in Rajkot, Gujarat, Gyanesh Kumar Secretary, the ministry of cooperation said the Government of India is committed to bringing about an all-round development of the co-operative sector in the country.
He said that the co-operative ministry will be more than willing to help the sector tackle the challenges facing them.
Gyanesh Kumar was recently on a visit to Rajkot on the invitation by the Chairman, NAFCUB (National Federation of Urban Cooperative Banks & Credit Societies Ltd.) Jyotindrabhai Mehta, informs a press release issued by Rajkot Bank.
Besides Jyotindrabhai Mehta, Shaileshbhai Thaker, Chairman of RNSB and other officials were also present on this occasion.
In his remarks, Gyanesh Kumar added that the cooperative ministry will look into problems faced by Co-op Banks from RBI and will sort out all that at the earliest to streamline banks at the operational level.
Gyanesh Kumar was given a warm welcome. Shailesh Thakker in his welcome speech described RNSB as one of the leading cooperative Banks with the highest number of shareholders in Asia.
Nafcub President Jyotindrabhai Mehta in his speech discussed various hindrances faced by co-operative banks from the Reserve Bank of India.
Mehta stressed the need to extend the terms of all directors of a Bank from four to five years. He also mentioned that “The doctrine of Sahakarthi Samridhi” will only be fulfilled if co-operative banks can contribute to achieving the five trillion dollars Indian economy.
It bears recalling that Union Cooperation Minister Amit Shah has shown inclination to resolve the pending issues between urban cooperative banks and the RBI. Shah has asked Ministry officials to understand the issues from the UCBs’ representatives before meeting RBI officials. Mehta had also met the Secretary on the issue in the past.
Reliable sources confide that a final meeting among the Ministry officials, UCBs’ representatives and RBI will take place sooner than later. “If the need be, even the union minister Shah will participate in the meeting”, sources added.
