RBI has no policy of closing down small coop banks or restricting them: Marathe

Alka Petkar said that cyber security will be one of the biggest challenges faced by cooperative banks

Satish Marathe was a star speaker at theCo-op Week, organized by Pune based Janata Sahakari Bank

FinTech BizNews Service

Mumbai, November 23, 2023: The cooperative banks’ contributions to the economic development of the country are very important and that the Reserve Bank of India has no policy of closing down small cooperative banks or restricting cooperative banks, said Satish Marathe, RBI Board member and a coop veteran leader. Satish Marathe was speaking at the celebration of the Amrit Mahotsav year as well as the Co-op Week, organized by Pune based Janata Sahakari Bank. The bank organized a discussion program on ‘Economic Current Status of India and Role of Urban Co-operative Banks’. 

Marathe guided the delegates by saying that the cooperative banks will have to compete fiercely with nationalised as well as private banks in the prevailing scenario. With the passage of time, cooperative banks should be able to adopt technology, bring more transparency in financial transactions and strengthen cyber security.

Marathe further said the approach of the union government and the RBI towards cooperative banks has become very positive. There is a growing realization that cooperative banks are responsible for the economic development of the country as well as they provide financial support to the public at large.

Jagdish Kashyap, CEO, Janata Sahakari Bank, said that the bank is moving very successfully in line with the motto of ‘Sahkaryam Yashodhanam’. If cooperative banks cooperate with each other instead of competing with each other, it can grow at a much faster pace. Cooperative banks should come together for the country’s development.

Vice President of the bank Alka Petkar said that cyber security will be one of the biggest challenges faced by cooperative banks in the coming years due to the evolving technology with the changing times. Cooperative banks should work together to meet this challenge.

Vidyadhar Anaskar, Administrator of Maharashtra State Cooperative Bank, said that when a customer has small scale transactions, he goes to cooperative banks, but the moment his transactions increase, he tends to go to private and nationalized banks. The co-operative banks should work unitedly to ensure customers stick to co-operative banks and their financial needs are met.

Milind Kale, Chairman of Cosmos Bank, said that we should reach out to inform the public that the common man has full faith in cooperative banks. Only if trust increases, the deposit in cooperative banks increases and the overall banking business can be really strengthened.

Chairman of Thane Janata Sahakari Bank Sharad Gangal, Chairman of NKGSB Bank Himangi Nadkarni, Chairman of Solapur Janata Sahakari Bank Sunil Pendse and others participated in the seminar. More than 150 delegates including Chairman, Vice Chairman, Directors, CEO’s of 37 Banks participated in the seminar.

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