Check rising expenses; Srinivasa to Nafcub

N Srinivasa Director in the Mysore based Graduates’ Co-op Bank condemned the inaction on the part of the Nafcub administration for not taking action against defaulters. He expressed his dissatisfaction while speaking on the occasion of the Nafcub AGM.

Srinivasa said urban cooperative Banks which are members of Nafcub are not willing to pay their annual subscription. Reading from the Annual Book he added that more than 60-70% of members have failed to pay their subscription fees.

Is it because they are not getting any benefits from the Nafcub? Srinivasa wondered. He put the number of defaulters at a whopping 1009 out of 1500.

He also lamented the slow pace of enrolling new members by the apex body of urban cooperative banks and credit societies. Just 9 members were enrolled last year, he informed. He blamed this on Nafcub’s weak work ethic.

A Nafcub delegate from Mysore also took to task Nafcub for its ballooning expenses and put several questions on this. Quoting figures, he said the administrative costs have gone from Rs 3.58 lac to 35 lac this year while the costs involved in holding meetings ’and functions have gone up ten times higher from Rs 73 thousand to nearly 10 lacs. He also mentioned about expenses on car maintenance which spiked unusually this year.

Though Nafcub Chief Executive Subhas Gupta blamed some of these figures on typographical inaccuracies, his other arguments such as car eating more money on account of it being old was not convincing. Delegates were whispering if the car has really suddenly got so old this year?

Some of the delegates also resented the rising expenses due to court cases in the wake of Mehta-Abhyankar spat.

 

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