The Cooperative Bank of India held its board of directors’ meeting on Monday at the NCUI headquarters. The meeting presided over by its Chairman Ajaybhai Patel discussed issues related to grant of license for COBI, among other subjects.
During the meeting, it was decided to approach Union Home and Cooperation Minister Amit Shah, for holding a meeting with the COBI board, which will help in removing the obstacles to the smooth working of COBI.
The management of COBI will make a presentation before the minister on its activities and problems, which will strengthen its case to attain license under the Banking Regulations (BR) Act 1949 for effective functioning.
Talking to the Indian Cooperative, COBI Chairman Ajaybhai Patel said, “We are working on taking the license for COBI and we are at the initial stage. The committee constituted by COBI will work on this subject and submit its report”, he said, who is also the Chairman of Gujarat State Cooperative Bank.
In his communication with this correspondent, Patel assured to share all the details as soon as things get going and taking shape in the direction of acquiring a Banking licence.
It bears recalling that following a meeting with the Union Cooperation Secretary, a committee was constituted by the COBI board under the chairmanship of its Vice-Chairman and Cosmos Bank Chairman CA Milind Kale.
The other members in the committee are KRIBHCO Chairman Dr Chandrapal Singh Yadav, Gujarat State Cooperative Union Chairman GH Amin, NCCF Chairman Vishal Singh. The COBI MD Dr VK Dubey was appointed as the convener of the Committee.
The COBI Board decided to engage experts from RBI to prepare the Business Plan of COBI as advised by the Secretary, Ministry of Cooperation. The Committee Chairman Kale said, “The report will be prepared within one month, in which we will prepare a road map for 20 years mainly focusing on futuristic roles and responsibility of COBI”.
The board meeting was attended by Dileep Sanghani, Dr Bijender Singh, Mudit Verma, Vishal Singh, Paradeep Choudhary and others. The COBI is the apex body of all banks—-co-op banks, UCBs, Land Mortgage banks and other banks.
It was a known fact that the erstwhile leaders of COBI and especially the former Chairman GH Amin, got Ajay Patel to agree to head the COBI so that acquiring banking license becomes easy. They expect Ajay Patel to revive COBI as Dileep Sanghani helped revive Nafed.
