Though the majority of co-operators associated with the Cooperative banking sector oppose RBI’s dictate on the constitution of Board of Management in addition to Board of Directors for the UCBs, Maharashtra based Bombay Mercantile Cooperative Bank is the first to follow RBI direction and constitute BoM.
The UCB has recently constituted the Board of Management (BoM) with six members. It has an IT Specialist, Chartered Account, Advocate and others.
“Pursuant to the recommendations of the Malegam Committee, RBI had issued guidelines for UCBs to constitute a BoM in addition to BoD for the UCBs. In this context perhaps, our bank is the first UCB in the country to constitute BoM, following the deadline set by the RBI”, said M. Shah Alam Khan.