Page 21 - Banking Finance December 2024

None of the Sanskar Panel candidate's
secured more than 40 votes, while the
Sahakar Panel members received over
150 votes each, demonstrating their
overwhelming support.
Rajkot Nagarik Sahakari Bank has
shown robust financial performance,
Ò»©­ surpassing a business mix of Rs 10,000

crore and achieving a profit of Rs
133.67 crore in the 2023-24 fiscal year.

With a deposit base of Rs 5,139 crore,
the bank has expanded operations be-
yond Saurashtra and continues to ben-
efit from the support of prominent BJP
Urban Cooperative Banks need to evolve digitally: and RSS leaders.
RBI Deputy Governor The veteran cooperator Jyotindra
Reserve Bank of India (RBI) Deputy Governor Swaminathan J stressed the Mehta, who heads the Umbrella Orga-
need for urban cooperative banks to evolve digitally, addressing IT and cyber nization, has been associated with the
security gaps as he highlighted the importance of improving the liquidation Rajkot Nagarik Sahakari Bank for many
process to protect depositors' interests. Speaking at the Second Conference years.
of State Registrars of Cooperative Societies (RCSs) here, Swaminathan also
stressed the importance of coordinated engagement between the RBI and
registrars of co-operative societies, respecting each other's roles. Four Gujarat based UCBs
While financial indicators for UCBs have improved, he noted room for growth penalized; Sundargarh
in business, asset quality, and liquidity, he said.
DCCB also in list
The RBI said the 2nd Conference of State Registrars of Cooperative Societ-
ies (RCSs) was co-chaired by RBI Deputy Governors M Rajeshwar Rao and The Reserve Bank of India has imposed
monetary penalties on four urban
Swaminathan and attended by senior RBI officials. Deputy Governor Rao
highlighted cooperative banks' crucial role in financial inclusion, especially cooperative banks in Gujarat and
the Sundargarh District Central Coop-
in rural areas, by serving marginalised communities.
erative Bank in Odisha. Additionally,
the RBI has extended the period of di-
RNSB: Pathak-Patel elected posed by Madhavbhai Dave and sec- rections on Kerala based Thodupuzha
onded by Ashok Gandhi.
Chairman and Vice-Chair- Urban Cooperative Bank for three
Pathak, a former senior branch man- months and Maharashtra based
man unanimously ager at National Insurance Company, Saibaba Janata Sahakari Bank by one
Staunch RSS worker Dineshbhai Pathak served as a co-opted director of the month.
has been unanimously elected as the bank in 2021. Meanwhile, Patel, a
Chairman of Gujarat based Rajkot prominent businessman associated Gujarat based UCBs are Vijay Commer-
Nagarik Sahakari Bank, with Jivanbhai with the Galaxy Group, served as a cial Cooperative Bank, Rajula Nagrik
Patel chosen as the Vice-Chairman. bank director from 2004 to 2022. Sahakari Bank, Karjan Nagarik
Sahakari Bank and Amod Nagric Coop-
The election was held at the bank's It bears recalling that the election un-
headquarters. Pathak's candidature derscored the decisive victory of the erative Bank.
was proposed by Devangbhai Mankad Sahakar Panel over the rival Sanskar Issuing a press release, RBI said, "A
and seconded by Chandreshbhai Panel, led by outgoing director monetary penalty of Rs 1.00 lakh has
Dholakia, while Patel's name was pro- Kalpakbhai Maniar. been imposed on the Vijay Commercial

BANKING FINANCE | DECEMBER | 2024 | 19