Nashik Merchant Co-op Bank: Unprecedented number of nominations filed

Few co-op bank election elicits this kind of response as is being witnessed in the case of Nashik Merchant’s Co-op Bank. A UCB which was under the administrative control since 2014 and which is going to polls after log ten years is restless to have elected representatives.

Perhaps, in the history of Urban Cooperative Banking Sector it is first time when 328 nominations were filed for the election of Board members in Maharashtra based Multi-State Scheduled Bank Nashik Merchant’s Cooperative (NAMCO) Bank.

There nominations are in different categories which are three in number- General, SC/ST and Women. “276 Nomination from General, 17 from SC/ST and 35 from women categories were received on the last date of filing nomination”, informed Milind Bhalerao, Divisional Joint Registrar, Cooperative Societies, Nashik who has been appointed as the Returning officer to oversee the election process.

“The members of the bank are entitled to vote in the election of 21 candidates i.e. 18 from General category, 1 from SC/ST category and 2 from women category. The election would go on for about one month”, Bhalerao informed.

The list of eligible voters has also been released. About 1.76 lakhs members are eligible to cast vote during the election. While the polling would take place on 23rd of December, results are expected by 28th December.

The election program mailed by the Returning Officer Mr Bhalerao to Indian Cooperative reads, “Candidates can file their nominations papers from 19th November to 27th November where as the scrutiny of nomination forms will be done on 29th November 2018. The final list of contesting candidates after the withdrawal would be published on 5th December 2018”, it reads.

According to the election program, “Polling and counting of votes would be held on 23rd December 2018 and 26th December 2018 respectively. The result would be announced on 28th December.

There is also a piece of news which says that Maharashtra Navnirman Sena (MNS) District President Anantrao Suryavanshi has filed his nomination from Sahakar Panel on Monday.

It bears recall that in 2014 The Reserve Bank of India (RBI) had appointed an administrator in bank following lapses in its management.  Presently Retired RBI official J B Bhoriya is the administrator in bank.

Nashik Merchant’s Cooperative (NAMCO) Bank was established on 11 June 1959 and is having 81 branches across the state of Maharashtra, Gujarat and Telangana.

Bank has total deposit of about Rs 1486.29 crores whereas loan and advances is about Rs 849.08 crores. Bank has earned a net profit of Rs 25 crore in last FY 2017-18 where as in FY 2016-17 it earned a net profit to the tune of Rs 37.68 crore.