Sahakar Bharati has raised its voice against the apparent discrimination of co-op banks vis a vis commercial and private banks by the Reserve Bank of India and has demanded a parity in banking operations.
National General Secretary of Sahakar Bharati Uday Joshi has penned a letter to Urjit R. Patel, Governor of Reserve Bank of India on the issue of relief for Urban Cooperative Banks in terms of Prudential Norms for Classification, Valuation and Operation of Investment and spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR).
It bears recall that through a circular on April 2, the regulator RBI extended its helping hand to Commercial Banks and new Small Finance Banks by enabling them to show more profit or less loss for the financial year ended on 31 March 2018. But the same was denied to co-operative banks or RRBs leading to heartburns among cooperators across the states.
In a letter to RBI Governor, a copy of which is with Indian Cooperative Uday Joshi writes “We represent Urban Cooperative Banks, who are our member Banks and who eagerly await circular from RBI giving relief to all Cooperative Banks. Since circular has not been received, we are disappointed and shocked at the discriminatory treatment being meted out to the Cooperative Banks In terms of Section 24 of Banking Regulations Act 1949, all Banks (including Cooperative Banks) are required to maintain Statutory Liquidity Ratio (SLR) and all Cooperative Banks also have invested in SLR and Non-SLR securities, which is almost 30% of its Deposits.”
“Like Commercial Banks, these Cooperative Banks are also victim of systemic impact of sharp increase in the yields on Govt. Securities,” the letter reads further.
Joshi is, however quick to add “We appreciate the RBI’s decision to extend its helping hand to Commercial Banks and new Small Finance Banks”. Being an official of Sahakar Bharati which is an arm of RSS and thus in a way partner of this govt, Joshi has compulsion of making only veiled attack, said an observer.
“While we agree that it is a welcome step by RBI to support and protect the public image of Public Sector and Private Sector Banks, we desire that the same consideration be shown to Cooperative Banks”, Joshi says mildly.
There are about 1560 Urban Cooperative Banks, about 371 District Central Cooperative Banks and 32 State Cooperative Banks who account for Deposits of about Rs. 5 Lakh Crores. They have also made substantial investments and they have also suffered losses like Commercial Banks, Joshi reminds the RBI Chief.
“We are constrained to bring to your kind notice that RBI’s inaction in denying relief to Cooperative Banks on the lines of Commercial Banks is highly regrettable, particularly when all Banks, irrespective of they being Commercial or Cooperative, are required to invest in Govt. Securities for SLR purposes”, Joshi adds passionately.
भारतीय रिजर्व बैंक द्वारा कमर्शियल व को-ऑपरेटिव बैंकों के लिये अलग अलग मानदंड स्थापित करना अत्यनत दुःखद है।इसपर पुनर्विचार किया जाना चाहिए ।
कोई भी जननी अपने संतानों के साथ अलग अलग व्यवहार करती है तो यह निश्चित रूप से असंतोष का कारण बनेगा ही।