After many visits to the court, Delhi based Jamia Cooperative Bank has finally been able to conclude the election process for appointing a new managing committee.
All outgoing directors have been re-elected unopposed in the recent election. Mira Qamrul Hasan Beg and R N Srivastav have been elected as the Chairman and Vice-Chairman respectively.
The board comprises of 12 directors which includes Chairman and Vice-Chairman.
Talking to Indian Cooperative Bank Chairman Beg said, “Our old team has been re-elected once again to serve the bank for three years. We will make efforts to take the bank to newer heights and would work in the interest of customers, shareholders and others, he added.
Expressing his anguish, he said he is a disappointed man today as RBI has taken a tough stand against the cooperative banking sector. RBI keeps releasing notifications at intervals that harm this sector and its growth in a big way, he lamented.
Meanwhile, he made it clear that the Jamia Cooperative bank is not planning to convert into Small Finance Bank as a few cooperative banks are willing to do so.
It is reported that the term of the Management Committee of the bank ended 6th August, 2019. On 30th May, 2019 the BoD met and resolved to request the RCS to appoint an RO for conducting elections to the Managing Committee.
Consequently, on 4th June, 2019 a letter was addressed to the RCS informing him that the present term of the Board of Directors was expiring on 6th August, 2019.
When no RO was appointed, the bank filed a petition in the Delhi High Court. When that writ petition was listed on 24th November 2019, within 4 days thereafter, the RCS issued the order dated 29th November, 2019 and appointed Administrator-cum-Returning Officer R.S. Krishnan, Deputy Secretary to conduct the election in the Bank within 90 days from the date of his appointment.
Jamia Cooperative Bank has 8 branches across Delhi and a total business mix of Rs 350 crore. The Bank has earned a net profit of Rs 4 crore in the 2018-19 financial year.