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BoM: Anaskar comes up with model draft proposal for UCBs

Maharashtra Urban Cooperative Banks Federation Chairman Vidyadhar Anaskar who doubles as the Chairman of Pune based Vidya Sahakari Bank has prepared a model draft proposal for UCBs for amending their Bye laws for constituting Board of Management. Meanwhile, the draft has been submitted to the Reserve Bank of India for their approval. After the approval any UCB can adopt this without getting it approved by RBI. In a telephonic communication with Indian Cooperative correspondent, Anaskar said, in a recent meeting held with top officials of RBI at Mumbai, we had informed them that despite extension of the deadline for constituting BoM I think it is not possible for RBI to approve the draft of each bank within six months. So, I suggested to them that Vidya Bank had prepared a model draft and submitted it to RBI for approval which could be replicated by other banks. The latter could do without framing their own”, he added.

None from Mumbai eager to convert into Small Finance Bank: Anaskar

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.

Anaskar writes to RBI Guv; seeks distribution of dividends

Maharashtra Urban Cooperative Banks Federation (MUCBF) Chairman Vidyadhar Anaskar has asked Reserve Bank of India to review RBI’s circular disallowing UCBs for making dividend payout. Anaskar wrote a letter to Governor Shaktikanta Das on the issue, he revealed to Indian Cooperative. In his letter, Anaskar apprised the RBI governor that cooperative banks officials are finding it difficult to convince their shareholders, asking continuously for refund of their share amount. We will face the wrath of shareholders in the ensuing AGMs on the issue of non – distribution of dividend, he added. “The Capital investment in Commercial Banks is purely for earning profits, while that of Cooperative banks it is primarily to comply with the terms of RBI’s circular on Share Linkage Norms to Borrowing, i.e. the borrowers of an UCB have to subscribe to the shares of that bank to the extent of 2.5% or 5% as the case may be, of their borrowings”, Anaskar underlined.

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