Regulatory uncertainty has postponed the much?anticipated board elections at Rajkot District Cooperative Bank, media reports say. Scheduled earlier this week, the voting was delayed after conflicting interpretations emerged regarding the election process under fresh Reserve Bank of India (RBI) guidelines.
Key issues include whether recent amendments affecting cooperative bank elections, especially those about candidate eligibility and board tenure, should apply immediately. While some stakeholders argue the rules must take effect now, others insist a transitional period is needed.
The bank’s management committee decided to hold off until the RBI issues clearer directives. In response, the state cooperative department has been in talks with central regulators to resolve the ambiguity.
Bank members, who’ve been eagerly awaiting democratic governance after years under administrative rule, have expressed frustration, calling for swift clarification and timely elections to restore normalcy.
