Fixing India's Co-operative Banks - Inputs Sought
Co-operative Banks are a way of reaching out to semi rural and rural customers. However, many suffer from mis-governance, frauds and scams as what just came to light a week ago with Punjab and Maharashtra Co-operative (PMC) Bank. The PMC bank with collusion over the years had 75% of the INR 8300 crore loan book of the bank assigned to one customer, HDIL. On Monday, the Economic Offences Wing (EOW) of the Mumbai Police registered a First Information Report (FIR) against the bank management and company management but its already too late as hundreds of thousands of the depositors have seen their access to their account shut. Co-operative banks come under RBI and there is an urgent need to improve governance and oversight. It was many of the co-operative banks that were used during demonetisation to convert black money into white.
With this post we would like to seek your very specific inputs on issues at cooperative banks, any insights you have into their governance models, corrupt practices and what should be done to fix accountability and governance and protect the consumer so they don't loose their life savings. Please be as specific as possible in your inputs! more
With this post we would like to seek your very specific inputs on issues at cooperative banks, any insights you have into their governance models, corrupt practices and what should be done to fix accountability and governance and protect the consumer so they don't loose their life savings. Please be as specific as possible in your inputs! more
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Ex RBI Governor Sri Raghuram Rajan opined that NPAs started during the period 2006- 2008 and suggested 7 Measures for Controlling Fiscal Frauds and NPAs. Corruption and Corrupt Practices in Financial Institutions are Swallowing National Economy as well as Public Finances . Following are required to be implemented Fast 1. Empowerment of Judiciary on implementation of Constitutional Mandates and Guarantees 2. Media commitment for legitimately secured Government Rule and Public Welfare 3. Promoting Safeguarding Whistle blowers, Police informers 4. Aadhar Card Linkage to all sorts of Financial Transactions of Rs.2,000/- and above including Subsidised issues, Grants, Reliefs etc., 5. Limiting Cash Transactions to below Rs.2,000/- 6. Revision of IPC Punishments mandating compulsory enforcement of Chapters relating to Elections, Public Tranquility, Public Health Decency and Modesty, FISCAL FRAUDS RELATING TO PUBLIC AND GOVERNMENT , Religious Offenses ARE TO BE FAST INITIATED AND IMPLEMENTED. more
Jul 11
Expressing individual feelings, no result can be acheived. LAW MAKERS ARE THE LAW BREAKERS. All bands should have economists, financial analyzers and politicians including ruling politicians ba kept away . All reforms implementations be made public and public opinion be considered for implementation. As long as foolproof system not in place more and banks performance would be poorer and poorer. more
Jun 27
Stringent Regulations Required in whole Banking and Finance Sector tightening Audit System. Every Fraud , Diversification shall be heavily Penalized Punishing suitably and Seriously. Corporate Loot also Shall be eradicated ARRESTING CORRUPT PRACTICES. Specific Finance Bill is the need of the hour beside fast Implementation of Aadhar Card linkage Limiting Cash Transactions to 2 Thousands. more
Jun 27
We are living in mobile internet era where these cooperative banks have lost relevance. They are to provide employment to politicians only and do lots of golmal in giving loans and never returning They should be abolished and merged with professional banks. Even big public sector banks could not avoid scams and grey loans so how cooperative banks can manage only god knows. more
Nov 23
Public Finances getting looted SINCE 2004 Continuously. All Banks and Financial Institutions must be REGULATED UNDER ONE REGULATORY more
Nov 23
It has been seen that most of the so called scams are done with the connivience of politicians.If you want to get rid of this make a rule that no politicians should be linked to any banking institution directly or indirectly.Or alternatively a politician must have a defined record like no court cases.no jail term,proper educational qualification,etc,so as to filter bad elements. more
Oct 16
Police and Media Records too prove that Swindling and Looting Public Funds continuously from 2004 onwards . Must be REGULATED STRICTLY more
Nov 23
