The 39th Annual General Meeting of the apex urban cooperative banks federation NAFCUB was held at the NCUI auditorium in New Delhi on Saturday in which a large number of cooperators connected with UCBs coming from cross states participated.
What dominated the AGM were the latest RBI’s Panel recommendations on conversion of UCBs into commercial banks with leaders after leaders railing against the idea. The tone for the debate was set by NAFCUB President Mr Mukund Abhyankar himself who wondered how it is possible to hand over the 100 years old cooperative movement to private hands.
Earlier, on Friday the Board of NAFCUB had passed a resolution rejecting the RBI’s Panel recommendation on the issue. The NAFCUB is disappointed that these recommendations contradict the 97th Constitutional amendment that enshrines a person’s fundamental right to form a cooperative society, added Abhayankar.
Another Director Jyotinder Bhai Mehta said we expect support from the UCB members on the issue. If cooperative banks will be converted into private sector banks, the movement would be harmed. The cooperative movement has been in existence since the time when there was neither private sector nor public sector nor the RBI. He said the government’s central bank is planning to eliminate the cooperative movement.
Mehta said we are small but in large numbers. We are not here for doing any profitable business; we are only trying to improve the standard of living of the poor with the help of cooperatives. We will organize press meets in various states with a view to scuppering their plan, Mehta said.
Abhyankar also informed that the apex body is making an all out effort to get exemption from the Income tax for cooperative banks. The CBI has given a task to NAFCUB to collect information on various frauds that have taken
He gave himself a pat on the back for running training programs in a successful manner and requested all to use the latest technology in banks. Since the 4th Five Year Plan, cooperatives have been totally neglected in the planning process. He also said every year the govt. budget ignores the contributions of cooperatives.
The Central Registrar Ashish Bhutani who also attended the AGM assured Urban cooperative banks chairmen, chief executive officers, managing directors, said he would raise all the issues related to cooperative banks before Finance Minister Arun Jaitley and the RBI.
NAFCUB vice president V.V.Anaskar lamented that the RBI is minimizing the number of cooperative banks in the country. He urged upon delegates to come forward to register their opposition on the issue.
Some of the notables present on the occasion were Jyotinder Bhai Mehta, Laxmi das, Mudit Verma, J.S. Mehta and others. The meeting was attended by 300 delegates, Abhyankar informed Indian Cooperative.
The Nafcub is going to organize a National Conference in Delhi in November and Abhyankar is hopeful that it would be inaugurated by the Prime Minister. If the prime minister can announce a package of half a trillion rupees for Bihar why cannot he do so for the co-operative sector, Abhyankar asked.
