Unhappy with Mumbai-based New India Co-operative Bank’s proposed move to convert into a Small Finance Bank (SFB), the Maharashtra Urban Co-operative Banks’ Federation plans to held a ‘haath jodo andolan’ (protesting with folded hands) at the bank’s special general body meeting on January 18 to appeal to its members to vote against the resolution on conversion, reports Hindu Business Line.
It bears recall that earlier this month yet another UCB followed suit when RBI granted “in-principle” approval to Shivalik Mercantile Co-operative Bank Limited (the applicant) for transition into a Small Finance Bank (SFB) under the “Scheme of voluntary transition of Urban Co-operative Bank into a Small Finance Bank” (the Scheme) issued on September 27, 2018.
Reacting to the RBI approval Suveer Kumar Gupta, MD & CEO, Shivalik Mercantile Cooperative Bank has told to Indian Cooperative, “We are excited with the development as we faced a number of issues in running the bank as a cooperative entity”.