Cooperators connected with urban cooperative banks, cooperative banks and credit co-ops have welcomed the nomination of Urjit Patel as the new head of Reserve Bank of India. An old hand at the apex bank, Patel has excited hopes among them.
Issues like streamlining the co-operative banking in India and offering them level-playing field vis a vis commercial cousins have long dominated the discussion in the cooperative sector. The issue of offering licenses for new urban cooperative banks has also been in the wind for long.
We produce below the verbatim reports of what cooperators feel on Urjit Patel’s elevation to the top post
Dileep Sanghani, Chairman NAFSCOB:
He is a well experienced man. Urjit Patel’s performance as the RBI deputy governor has been praiseworthy and I am sure immense benefits will flow from his stewardship in the future. And I have no doubt that his appointment to the RBI’s governorship is a right decision taken by Modi’s government.
D Krishna Ex-CEO NAFCUB:
Mr Urjit Patel represents smooth transition and the continuity of Rajan’s policies. He may not be as articulate as Rajan but should be quietly effective.
Subhas Gupta, CEO NAFCUB:
Sector is happy about the appointment of Urjit patel as governor of the RBI. We hope he will address the issue of formation of the national level umbrella organization & consider opening of a window for the licensing of urban coop. Banks.
Rajeev Gupta, CEO, Indraprastha Sehkari Bank
Urjit Patel is a well experienced man and has the necessary ability to change the baking structure. He also supported
the outgoing RBI governor Raghuram Rajan for his skills and good knowledge of Monetary Policy.
The banking sector will do better work under the leadership of Patel and the cooperative will also get support.
Dr K S Rana, Chairman, Dehradhun DCCB
If Urjit Patel will works independently, I have some hope that he would be able to do better. However, it would be possible to say anything concrete about him when he has begun working. .
Rajendra Negi, Chairman, Nainital DCCB
He said” I urge the new governor to give some policy relaxation towards cooperative banks and think of strengthening them”.
Negi demanded some relaxation on Income Tax burden on the cooperative sector because this sector is working for poor families.