Sahakar Bharati, one of its founder members and Reserve Bank of India Central Board Director Satish Marathe listed out several challenges being faced by co-ops, particularly financial co-ops, while addressing a two-day Cooperative Maha Conclave organized by one of the media groups at Pune on Saturday.
Sharing some of the points highlighted during this occasion, Marathe wrote to the Indian Cooperative highlights of his speech. “Governance mainly relates to, Conduct of Financial & Non-Financial Operations, Robust System of Checks & Balances, Close Monitoring and Oversight at all levels based on Internal Inspection, Transparent & Fair Business Practices, Informed Decision-making Process based on MIS, Formulation & Review of Policies at regular intervals, and finally Critical Review of Financials every fortnight”.
“Remain well capitalized and be ready Raise Capital at short notice. Set up Risk Management Ecosystem to minimize Expected, Unexpected & Unforeseen Losses. Adopt & Use Technology to provide Timely, Secure, cost effective Products/Services while ensuring Cyber Security, and put in place a System/Strategy for Succession Planning & Capacity & Skill Development at all levels”, his message read.
The event was attended by the who’s who of the cooperative movement. The two-day event was attended by NCP Chief Sharad Pawar, MSC Bank Administrative Board Chairman Vidyadhar Anaskar, National Federation of Cooperative Sugar Factories President Jaiprakash Dandegaonkar, Maharashtra UCBs Federation Director Pravin Darekar and others.
The representatives from UCBs, DCCBs, StCB, Sugar Co-ops, Credit Societies took part in the event. Besides co-operators, CM Eknath Shinde, Deputy CM Devendra Fadnavis, among others were present.
It is worth mentioning that Union Cooperation Minister Amit Shah addressed the valedictory part wherein he lauded the co-op movement in the state but cautioned against poor management and corrupt practices.
Shah said that the cooperative sector will have to self-introspect on its performance and increase its credibility. He said that the cooperative sector should improve its systems and take up its responsibilities.
