Dreams come true: Surat Peoples’ Co-op Bank gets multistate tag

Since years Surat People’s Cooperative Bank in Gujarat had been trying to get recognition as a multi state cooperative bank. Central Registrar Ashish Kumar Bhutani has finally given it the certificate of registration, it is like a dream come true.

Now the bank is eligible to extend its business in Maharashtra also.

Readers would recall that last month the office of central registrar called for several corrections including amendments in the bank’s bylaws before the Bank could get a multi-state coop body tag.

Earlier, the UCB had submitted the relevant proposal to the Ministry of Agriculture. However, in a letter addressed to the bank the ministry asked the bank to effect amendments in its Bye-Laws and close loopholes found in their application during the scrutiny.

In his letter Central Registrar said “In pursuance of the provisions of the Multi State Cooperative Societies Act 2002, a bank by the name of The Surat People’s Cooperative Bank Ltd, Vasudhara Bhavan, Timaliyawad, Nanpur, Surat has been registered as a Multi State Cooperative Bank by conversion under section 22 of Multi State Cooperative Societies Act, 2002 and the Rules framed there under”.

“The area of operation of the Bank shall be confined to the existing area of operations of the acquirer and target put together in the states of Gujarat and Maharashtra”, it reads.

Immediately after the bank’s elevation to the status of a multi-cooperative entity, Indiancooperative called the bank chairman umpteen times to have his comments but to no avail.

However, sometime ago in a chat with this correspondent Gajjar had said after its elevation the bank will take over the ailing Mumbai based Sun Mitra Sahakari Bank Maryadit and this will be the bank’s first branch in Maharashtra.

The bank was established in 1922 and more than 85,000 shareholders are associated with the bank. The bank earned a net profit of Rs 33 crore in 2016-17 and disbursed 15 percent dividend to its members.