Coop law in for a revamp

Cooperatives Minister Harshvardhan Patil said that efforts were on to bring about the changes in the Cooperatives Act that will be of immense help for the banking sector.

Cooperatives Minister Harshvardhan Patil said that efforts were on to bring about the changes in the Cooperatives Act that will be of immense help for the banking sector. “Cooperation is the strength of the state. Maharashtra has highest number of scheduled banks in the country. A decision will be taken very soon to change the original law in the cooperate sector,” he said.

Patil said banks should act as a trustee while working in cooperation. “The board of directors should keep in mind that the bank funds comes from common mans money; they neither belong to the bank nor to the board of directors. It is because of the efficient management and the staff that banks rise to eminence,” he said while inaugurating the ATM centre of Seva Vikas Bank,Pimpri,at Sambhajinagar in Chinchwad.

On the occasion,Mayor Yogesh Behl,MLA Laxman Jagtap,Khed MLA Dilip Mohite-Patil,Mohan Joshi,bank president Amar Moolchandani,former mayor Hanumant Bhonsle,PCMC standing committee chairman Dnyaneshwar Bhalerao,bank vice-president S B Ovhal,officer-on-special duty T N Lakhani were present. G D Chandwani,senior founder-chairman was felicitated on the occasion.

Speaking on the occasion,Mohite said,”Banks should be transparent. Businessmen are very particular in their accounts. The awareness of the investors keeps check on the banks.”

Mayor Behl said the effort of the Seva Vikas bank in giving one per cent extra interest to senior citizens compared to other banks was laudable. Bank founder Chandwani said the bank has provided same facilities to the staff as that of the nationalised banks. This is the fifth ATM centre of the bank,which has 11 branches in the city.

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