Maharashtra’s Pune-based Mahaganpati Multistate Cooperative Credit Society is exploring the possibility of converting itself into a full-fledged cooperative bank, in line with the recommendation of the task force constituted by the National Federation of Urban Cooperative Banks & Credit Societies Ltd. (NAFCUB).
The proposal is expected to be placed before the society’s AGM later this month.
Speaking to Indian Cooperative, Chairman Vikas Vitthal Bengade Patil said, “We have received a letter from NAFCUB to submit an application to the RBI for a banking license. We are exploring the process and will soon apply. Though our society is small, our vision is high.”
It is worth mentioning that, based on capital strength, deposits, governance, and financial discipline, the task force shortlisted only 42 co-op institutions for conversion into urban cooperative banks. Mahaganpati Multistate has secured its place among these select institutions.
Patil further added, “Over the past three years, the society has launched innovative welfare schemes, adopted advanced digital technologies, ensured regular high interest rates with transparency, invested in employee training, and maintained strict compliance with government guidelines”.
“This recommendation is not just recognition but also a testimonial to the institution’s sustained success and national credibility,” Patil emphasized.
All this is becoming possible due to the systematic planning of Honorable Shri. Vikas Bengade Patil.
Congratulations forour Mahaganpati multi state credit society convert in co-orative bank.