The deeply entrenched former Chairman of Keshav Sahkari Bank Yatendra Malik was finally defeated last week in an election which threw up Jai Prakash Gulati as the new chairman of the Delhi based Urban Cooperative Bank.
Gulati is a chartered accountant by profession and has been serving as the Director of Keshav Sahkari Bank for several years. Gulati defeated Malik thereby upsetting the entire power-structure of the bank. Malik ruled the bank for last nine years.
The AGM of Keshav Sahkari Bank saw delegates complaining against some of the ways of the UCB. One of the delegates complained that earlier AGMs were accompanied with account statement but the practice has been suspended for reasons unknown to us.
The bank had promised us that ATM would be given but it was not, said another delegate at the AGM , held at Vishwas Nagar in East Delhi.
Delegates also complained against the Branch Manager and cribbed that he knows nothing about the banking business. He does not know how loan against FD is given, complained one of the delegates to the newly elected Chairman Gulati.
Delegates also had issue with the rent of the lockers as they felt that the bank is charging them more than that of commercial banks such as Union Bank of India.
It is obvious Gulati has been elected as frustration with the old style of functioning has mounted quite a lot. There were 14 nominations in which two were withdrawn at the last moment. Twelve Directors have been elected.
The mood of AGM reflected that if Gulati does not perform he would also be packed off the way Mallick has been shown the door. The spirit of democracy is dawning fast and it is the victory of the people at the end of the day.
