The year 2021 which is hurrying to say goodbye proved historic for the cooperative movement in the country. The most dramatic gift of the year to the sector was the creation of a new cooperation ministry at the Centre
The year 2021 which is hurrying to say goodbye proved historic for the cooperative movement in the country. The most dramatic gift of the year to the sector was the creation of a new cooperation ministry at the Centre
Maharashtra Urban Cooperative Banks Federation Chairman Vidyadhar Anaskar, who is credited with launching “Hath Jodo Abhiyan” asking UCBs to desist from converting into small finance banks–has strongly advocated taking consent of depositors before deciding on the conversion of UCB into SFB.
At present no UCBs in Maharashtra plan or apply to convert themselves into SFB, claimed Anaskar. He asks respective Urban Cooperative Banks for taking the depositors’ consent, apart from shareholders on any matter concerned with the conversion or merger of UCBs.
“The shareholders are having only five percent stakes in the bank and 80-90% stakes are that of depositors. Apart from taking member’s approval for merger or conversion, UCBs should take the approval of depositors also”, argues Anaskar.