Even as Satish Marathe and Jyotindra Mehta are worked up on the issue of Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill” (Banning Bill), the Nafcub Chief Executive Subhas Gupta is taking it easy.
With the bill dangerous enough to turn the credit co-operatives upside down Gupta said to this correspondent “Yes we are working on our reply and hopefully it should be ready by the evening; I will mail you once it is done”.
Indian Cooperative has no idea if Nafcub -the apex body of UCBs and credit co-ops has posted any reply so far as we continue to wait for Gupta’s mail. A slow man by nature Gupta earlier failed to provide the links of Finance Ministry where the issue has been dealt with extensively and as was promised by President Jyotindra Mehta.
Mehta, however had expressed his strong reservations against the bill on the phone and said the Board of Nafcub has passed resolution against it. There cannot be total ban as credit cooperatives cater to the needs of the poor people, Mehta added. It answers to their small credit needs, he underlined.
Readers would note that an Inter-Ministerial Group (IMG) has finalised its Report and recommended a number of Legislative and Non Legislative Measures including legislation of a comprehensive Central law called the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill” (Banning Bill).