Er Avinash Kothale is an unhappy man on account of RBI insisting that urban cooperative banks have to maintain 20.5 % SLR ”.Locking huge amounts of fund up in govt securities has reduced us to penury”, he says.
Kothale who is the Chairman of Jijau Commercial Cooperative Bank based in Amravati in Maharashtra wondered why Nafcub should deposit Rs 5 crore in savings account which offers an insignificant return.
Recalling from the past Kothale said earlier UCBs were free to deposits fund with district central banks but now the money gets locked up for 20 years in govt securities.
RBI should at least allow us to sell the securities in 2-3 years, he said toning down his demand.
The Modi govt claims it is working for the masses then we must prevail on the govt to give us reprieve on this fromt and free our funds from the govt securities, Kothale added. Nafcub has to take initiative in this and if it calls gherao of Parliament we are ready, he thundered from the podium.
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