The Reserve Bank of India (RBI) Governor Sanjay Malhotra met cooperators from the urban cooperative banking sector for the first time after assuming office as the new RBI Governor. The meeting took place at the RBI’s headquarters in Mumbai, where he patiently listened to their issues.
The RBI invited the Chairmen, Managing Directors, and Chief Executive Officers of select Urban Cooperative Banks (UCBs) across all tiers, operating in different parts of the country.
Among the attendees were Jyotindra Mehta, Chairman of the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), and Milind Kale, Vice-Chairman of the National Federation of Urban Co-operative Banks & Credit Societies Limited (NAFCUB).
Several prominent banking representatives participated in the meeting, including Gautam Thakur, Chairman of Saraswat Cooperative Bank; Duresh Chandravakar, Chairman of SVC Cooperative Bank; Adv. Pralhad Kokare, Chairman of Cosmos Bank; Sharad Gangal, Chairman of TJSB Bank; Ravindra Hejib, Chairman of Janata Sahakari Bank, Pune; Chalasani Raghavendra Rao, Chairman of Visakhapatnam Cooperative Bank; Chetna Sinha of Chairperson, Mann Deshi Mahila Sahakari Bank and Ganesh Dhargalkare, Chairman of Dombivli Nagarik Sahakari Bank, among others.
Deputy Governors M. Rajeshwar Rao and Swaminathan J. also attended the meeting, along with Executive Directors-in-Charge of Regulation and Supervision. The meeting was part of the Reserve Bank’s ongoing engagement with its regulated entities.
In his opening remarks, the Governor acknowledged the crucial role of Urban Cooperative Banks in serving people at the grassroots level and enhancing financial inclusion. He assured continued support from the Reserve Bank for the sector’s growth ambitions but emphasized the need for UCBs to remain mindful of their responsibilities, particularly regarding depositor trust.
He also stressed the importance of maintaining high standards of customer service to build and retain public confidence. Additionally, UCBs were advised to ensure their operational resilience, particularly in addressing IT and cyber-related risks.
Speaking to Indian Cooperative, NUCFDC Chairman Jyotindra Mehta described the meeting as “fruitful in every sense,” highlighting the positive and open communication with the RBI Governor and senior officials.
“We raised several pressing issues related to the urban cooperative banking sector, including concerns about priority sector lending, the cap imposed on loan disbursement under sub-limits, and the eligibility of certain banks that meet the criteria for scheduled status”, Mehta said.
“We also discussed issues related to gold loans and other matters. The RBI Governor listened to our concerns patiently, and we are hopeful for positive developments,” Mehta stated.
During the interactive session, participants shared their feedback and provided various suggestions, contributing to a meaningful discussion on the future of urban cooperative banking.
