One of the leading urban cooperative banks of Maharashtra-Nasik Merchants’ Cooperative Bank (Namco) is going to elect a new board today. Around 24 candidates are in the fray for 19 seats of the board of directors.
324 voting centres have been made in three states i.e. Maharashtra, Telangana and Gujarat.
Two seats reserved for women have been decided unopposed. The bank’s board comprises 21 directors out of which 18 are from general category, 2 from women category and a seat reserved for SC/ST.
The outgoing directors of the board have made their own panel namely Pragati Panel and fielded 21 candidates but from their panel two candidates from reserved women seats were elected unopposed. Now, after the final list, 19 from their panel and five other candidates are trying their luck.
There are 1.88 lakh voters associated with NAMCO Bank. Talking to Indian Cooperative the outgoing director Sohanlal Bhandari said, “We are sure that we will win the election of the bank with full majority and we are not seeing any fight with our opposite candidates. The members have trust in our panel and we will not dash the expectation of our members”.
Namco Bank has a business mix of Rs 2800 crore and earned a net profit of Rs 34.33 crore in the last financial year. The bank has a network of 80 branches.