Pune People’s Co-op Bank elects new Board

Maharashtra based Pune People’s Cooperative Bank-a Multi-State Coop Bank, has elected a fresh batch of 13 directors unopposed last week in a special General Meeting in Pune. The Board members will elect Chairman and Vice-Chairman on 21st of this month.

The new board members are Adv Subhash Mohite, Bhegde Baban, Kothari Vijaykant, CA Janardan Randive, Subhash Made, Shridhar Gaikwad, Dr.Ramesh Sonawane, Bipin Shah, Amber Chinchwad, Sanjay Gugale, Milind Wani, Dilip Dagde.

Talking to this correspondent Chairman of the bank Adv Subhash Mohite said “On 23rd August 47 nominations were filled for 13 posts including Chairman, Vice Chairman and 11 board members.

At the time of scrutiny, only 31 candidates could be approved by the returning officer, Mohite added.

On the day of withdrawal, 18 candidates withdrew their names and only 13 persons were left in the list.

Deputy Registrar of Cooperative Society, Pune, Maharashtra Milind Shobde announced that the election of Pune People’s Cooperative Bank was held in a special general meeting last week.

The outgoing Chairman of the Bank Subash V Mohite said “Due to demonetization banking business is going down and there is a lack of borrowers. NPA as well as the implementation of GST are also challenges we are facing”, he added.

There is a fierce competition with private banks in the field of interest rates and we are trying our best to retain our customers, Mohite said.

The UCB has also plans to shift to new headquarters as said by Mohite “We are hoping that in the next few days the bank will be able to shift its headquarters to a prime location in Pune. We had bought a land area of 22,000 sq feet at a cost of 7 crore and the necessary construction is still going on”. Mohite also chairs Pune District Urban Cooperative Bank Association.

Pune People’s Cooperative Bank has 24 branches operating in two states-Maharashtra and Karnataka. The bank claims deposits of Rs 1,060 crore and loans of about 500 crore. The Bank with a membership exceeding 33 thousand has earned a net profit of Rs 7 crore in the last financial year.