Anyonya Co-op Bank on revival path

In an extended Annual General Meeting, which continued for more than five hours on Sunday...

Authorities hold extended AGM; decide to form a nine-member committee to work towards the revival of the bank

In an extended Annual General Meeting (AGM), which continued for more than five hours on Sunday, authorities of the Anyonya Cooperative Bank Limited (ACBL) have decided to form a nine-member committee to work towards the revival of the bank.

ACBL, Asia’s first cooperative bank, has been struggling since September 14, 2007, when it was put under Section 35 of the Banking Regulation Act. The bank incurred a loss of Rs 1.42 crore and closed in March 2008 due to non-functioning.

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Sunday’s AGM, however, discussed a detailed revival plan, which included inviting shareholders and merging with the Maharasthra-based Saraswat Cooperative Bank and other cooperative banks, said ACBL authorities.

The meeting also discussed issuing preferential shares and other long term deposits to infuse around Rs 60-65 crore and revive the bank’s functioning. Three to four reputed industrial houses are willing to help the bank at this critical time. However Prataprao Bhoite, ACBL, Vice President (VP) refused to divulge any details.

Bhoite said: “We will put our best efforts to revive the bank. One of the main agendas to be discussed at the AGM will be the appointment of a vice- president and a president in ACBL.”

He added: “ACBL has three nominees for the post of president, while nominations for the post of VP are yet to be determined.”

Bhavish Aggarwal (Photo via his Twitter page)

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