K Umashankar and Paduvarahalli Ramakrishna have been elected unopposed as the Chairman and Vice-Chairman of Karnataka based Mysore Cooperative Bank. Umashankar has replaced SBM Manju as Chairman.
The election results were officially announced last week by the returning officer.
Soon after his election as the Chairman Umashankar talked to Indian Cooperative and said, “It’s a proud moment for me to be elected as the Chairman of Mysore co-op bank which is having a history of over 100 years. Our new management will work together to further develop the bank”, he added.
“Our bank is a unit bank having a single branch in Mysore but our request for RBI’s permission to open two new branches has not yet elicited any response from the apex bank”, lamented the newly elected Chairman.
“Over 30k members are associated with the bank and they are from medium and lower income groups of society. The bank is committed to meeting their expectations”, said Umashankar to this correspondent on the phone.
Umashankar is serving the bank as the Chairman for the second time. The new board will have a 5 year tenure.
It is being learnt that over 33 candidates were in the race but only 13 could be elected as board directors. Over 15k members had cast their votes in the election. The newly elected Chairman Umashankar received around 6k votes.
The elected Directors are SBM Manju, Ravi kumar, J. Yogesh, H. Harishkumar, S. Somanna, S. Aravind, A. Manchappa, M. Ramakrishna, C. Revanna, P. Rajeshwari and P. Savitha.
Readers would recall that the bank hogged the media headlines when the Deputy Registrar of Co-operative Societies had stayed the disqualification of 11 Directors of the UCB in 2017.
The Deputy Registrar found charges against them baseless and stayed their disqualification.
Mysore Cooperative Bank is having a business mix of over Rs 200 crore and it earned a net profit of Rs 1.4 crore in the last financial year i.e. 2018-19.