Sahakar Bharati- the cooperative organization with leaning towards the RSS has penned a letter to Dr. Raghuram G. Rajan, Governor of the RBI seeking his intervention in streamlining the working of the cooperative sector. The letter was signed by its Patron Satish Marathe. We reproduce below the same as received from the Sahakar Bharati.
Excerpts:
Dear Sir,
Sahakar Bharati is the largest NGO working in the Co Operative Sector for the last 35 years with Units in over 400 Districts of the Country. More than 20,000 Co Operatives from all Sectors of the Co Operative Movement are associated / linked to Sahakar Bharati.
We, at Sahakar Bharati, welcome your recent statement on the need to streamline and strengthen the working of Co Op Banks and we Appeal to you as the Governor of Reserve Bank of India to –
1.Initiate review of the working of the UCBs, DCCs and State Co Op Banks and put in place a Vision Document alongwith a Roadmap for growth and development of the Co Op Banking Sector,
2.Based on the experience of the last few years, review and recommend modifications to the present provisions of the MOUs between the RBI/NABARD and the State Govts to improve governance and to reduce external intervention in the working of the Co Op Banks, &
3.Propose amendments to Banking Regulation Act to empower Reserve Bank of India to be able to effectively regulate the Co Op Banking Sector as the present provisions as applicable to Co Op Societies were made applicable in 1966.
It is our considered view that, Privatisation of the Co Op Banking Sector is no solution to the constraints and challenges being faced by these Banks. Need of the hour is – Legal and Financial Empowerment of this Sector for all round growth.
We feel that Co Op Banking Sector should equally benefit from the changes that are being ushered in the Financial and Banking Sector so that it can play a major role in financial inclusion to achieve rapid, equitable and sustainable growth.
Trust you will agree with our suggestions and initiate necessary steps in larger interests of Co Op Sector. We have also to suggest that any Committee that the Reserve Bank of India may constitute be broad based representing all stake holders besides the representatives of the respective Federations.
Satish Marathe
Savrakshak, Sahakar Bharati
