In a detailed letter sent to Indian Cooperative earlier, Repco Bank officials explained how the Bank is falling victim to govt apathy. Now the bank is in difficulty due to an ordinance promulgated by the central government.
The ordinance has rendered the organisation, formally known as Repatriates Cooperative Finance and Development Bank Ltd, ineligible to mobilize deposits from non-voting members considering the bank is registered under the Multi-State Cooperative Societies Act, 2002.
Sources say the bank takes deposits only from voting members but it is flourishing only on the support of 10 lakh non-voting members.
Pointing out that the ordinance is essentially meant for unregulated private financial firms that had been collecting deposits from the public illicitly, the official says Repco Bank, should have been placed on a different footing.
“We have written to the Home Affairs Ministry and Union Ministry’s Department of Financial Services to exempt us from the scope of the law,” she says, adding that there is a provision in the law to give the allowance.
A bank official, who has issues with the bank management, said it would make the presence of the repatriates in the organization virtually superfluous. He claimed that the move should not have been allowed as there is no provision in the bye-laws. However, Ms. Isabella asserted that the bye-laws do provide for such an action.
It bears recall that recently the Madras High Court has issued notice to the Centre on a plea seeking to nominate directors to the Repco Bank according to the provisions of the Multi-State Co-operative Societies Act.
The petitioner had alleged that the bank had framed its own bye-laws bypassing the MSCS Act 2002. The issue related to number of nominated member on the Board of the Bank.
The petitioners first approached the Central Registrar in October last year but as there was no response, they moved the high court.
The judge had directed the Union Ministry of Agriculture and Farmers’ Welfare and the Central Registrar of Co-operative Societies to respond within four weeks.
Basically RepCo is a multi state cooperative society not a Bank meant for rehabilitation of Burma , Srilanka Tamil Repatriates established under the initiation of Govt of Tamil Nadu in 1969. A subsidiary Repco Home Finance Ltd was established in 2000. Both organizations were doing well. Illattitude, greediness, anty staff, undemocratic and adamantsy of
bureaucrats’ & few vested
interests who invaded
in top management are the reason for present problems of REPCO.
Repco Bank was established in the year 1969 by the Government of India. Repco Bank is a profit making institution for the past 26 years and there is no problem as was mentioned by Thiru Dr.. A charge sheeted employee who was punished by the Bank for his grave irregularities is in collusion with anti bank elements making negative propaganda about the Bank with a sole aim of distorting the smooth functioning of the Bank and also with an ulterior motive to tarnish the image of Repco Bank , as well as to create panic in the minds of its 2000 employees to worry about their future. This unscrupulous employee is attempting to crack the mighty organization with his negative propaganda which no learned person will accept. Truth always triumphs and justice always prevails. Repco Bank is an organisation built by hard work of hundreds of its employees and it is perfectly hale and healthy. Such actions and behaviour of unscrupulous elements in no way hinders the growth of Repco Bank. Please do not attach any importance to such views of dysgranulated elements of the Bank. RBEA which is one and only association of employees of Repco Bank also strongly condemn the action of the erring comrade who had posted this false message.
Repco Bank was established in the year 1969 by the Government of India. Repco Bank is a profit making institution for the past 26 years and there is no problem as was mentioned by Thiru Dr.. A charge sheeted employee who was punished by the Bank for his grave irregularities is in collusion with anti bank elements making negative propaganda about the Bank with a sole aim of distorting the smooth functioning of the Bank and also with an ulterior motive to tarnish the image of Repco Bank , as well as to create panic in the minds of its 2000 employees to worry about their furture. This unscrupulous employee is attempting to crack the mighty organization with his negative propaganda which no learned person will accept. Truth always triumphs and justice always prevails. Repco Bank is an organisation built by hard work of hundreds of its employees and it is perfectly hale and healthy. Such actions and behaviour of unscrupulous elements in no way hinders the growth of Repco Bank. Please do not attach any importance to such views of dysgranulated elements of the Bank. RBEA which is one and only association of employees of Repco Bank also strongly condemn the action of the erring comrade who had posted this false message.