Honorable Shri Narendra Modi ji,
Prime Minister of India
Namaskar,
The Cooperative Bank of India (COBI) is a federal body of all state cooperative banks, land development bank, Urban Cooperative Banks and national level cooperative federations, and I am the chairman of the said bank. General body of the COBI believes that the cooperative movement of the India might be effected if Multi State Cooperative act amended to convert urban cooperative bank into joint stock companies as recommended by the High Powered Committee (Gandhi Committee) of the Reserve Bank of India (RBI). On the other hands more than 100 years old Urban Cooperative bank and their members could be suffered with adverse effect of this conversion.
If said recommendation accepted to amend the Multi State Cooperative Act than other leading cooperatives like fertilizer Cooperatives, Sugar Cooperatives and dairy Cooperatives (AMUL) etc..can also demand to convert them into private companies. This conversion might be paralyzed the biggest cooperative movement of India.
Generally, the State Government amends their act fallow the foot of Center Government as per custom. So, the aforesaid Multi State Cooperative act amendments can be painful for the 25 crore members and stakeholders of 6 lakhs cooperatives.
If the multi state cooperatives act permit to convert into private and other entity than deferent lobbies as well as authorities might be pressurized the management of cooperatives to convert them into private companies.
The national level federation like NCUI, NAFSCOB, COBI, and Urban bank and Credit Coop Federation strongly opposed High Powered Committee (Gandhi Committee) recommendations to convert the Urban Cooperative Banks into joint stock companies.
So please look after the matter and see the cooperative movement should not be suffered badly.
Yours Faithfully
Ghanshyambhai Amin