Maharashtra based Jalgaon Janata Sahakari Bank and Sahakar Bharati jointly organized a state level seminar for the representatives of cooperative banks recently in Jalgaon. The main focus of the meeting was to regain the faith of people after the PMC Bank episode.
In a telephonic communication with Indian Cooperative, Uday Joshi, National General Secretary of Sahakar Bharati who is also on the board of apex body NAFCUB said “113 delegates representing 40 UCBs from across Maharashtra participated in the seminar”.
“There were discussions about several issues but the PMC episode was the main focus of the seminar. We have to regain the trust of the people. We will create a forum comprising of Chairmen, CEOs, and Statutory Auditors where we could discuss the challenges confronting us , Joshi explained.
Sahakar Bharati former President and RBI Central Board Director Satish Marathe, Sahakar Bharati UCB Cell head Sanjay Birla, Jalgaon Janata Sahakari Bank Chairman Anil Rao, Bank CEO Pundalik Patil, Sanjay Nagamoti and others were present on the occasion.
Joshi added that in the wake of the PMC episode the credibility of UCBs has eroded and a debate has begun on subjects such as accountability of Board, Auditors, Regulators, Coop Dept. Imposition of Sec 35 creating panic among depositors as it signals losses of their monies at the hands of an ill-managed bank.
Others who spoke on the occasion included RBI Central Board Director Satish Marathe, however exhorted the delegates to do everything possible to safeguard the interests of depositors-both individual and institutional, if the UCB movement has to go further.
The meeting also stressed upon the fact that deposits in UCBs are primarily mobilized due to the factor of trust and image of the Board.
It asked participants not to panic and informed them that Sahakar Bharati has submitted a representation to Finance Minister Nirmala Sitharaman on the issue.
Experts provided guidance on various issues such as current risk management, business strategies, how to meet the challenges of cooperative banks. Various sessions were held during the day.