Breaking free of tradition, Kangra Cooperative Bank Chairman Laxmi Das has strongly argued that RBI should allow UCBs to give housing and other loans to their directors. Why should they not get loan, are they not trust worthy, asked Mr Das who is also the President of Delhi Chapter of NAFCUB in an exclusive interview with the Indian Cooperative.
RBI has put restrictions on UCBs as numerous cases of Directors on Board of UCB swindling the depositors’ money have come up in the past. Das felt that the guilty has to be punished but a lack of trust in elected member is not proper.
On Modi govt Das said ” we pinned high hopes on the Modi government but the budget presented by the govt was a great disappointment. Contrary to our expectation, the new government has failed to remove the income tax burden from cooperatives and the lingering issue remains unresolved, regretted Das.
Lashing out at the govt for reducing the number of cooperative banks in the country, Mr. Das suggested instead of merging the crisis-ridden banks, the govt. should bail them out, he remarked. Das called upon the govt. to implement schemes through cooperatives as this would ensure the poor masses get benefits and raise their standard of living.
Kangra Cooperative Bank was established in 1972 and presently the bank has 40 thousand members. With 9 branches altogether, the bank had earned a net profit of Rs 11 crore before tax during the 2014-15 fiscal. Last year Kangra Cooperative Bank had opened two new branches as reported in these columns.
Bank chairman informed that ”we are providing ATM facilities in our five branches. We are also providing CBS, RTGS, NIFT services to our depositors. We are giving home loans at lower rates to our bank employees.
Kangra Bank also gives awards to shareholders, informed Das. If members’ wards achieve 90% marks in their 10th exam then we give a sum of Rs 3,100 and if their wards achieve 90% marks in their 12th exam then we give a sum of Rs. 5,100, he said.
The bank has been awarded numerous awards in the past and last year Laxmi Das was awarded the best cooperator award. Laxmi Das however said ” the credit for these awards goes to bank directors, members, employees who all have played an important role in making the bank a success”.