India Depends on its own consumption for its Growth – Satish Marathe

Cooperative Banks form a very important part of Finance structure of our country. Nagpur Branch of WIRC of ICAI recently organized a Co-operative Bank Conclave for 2 days for provisions applicable for Urban Co-op Banks attended by more than 50 Urban Co-op Banks not only from entire Maharashtra but also from Chattisgarh.

The session was graced as Chief Guest by Mr. Satish Marathe, Director, Reserve Bank of India. Mr. Marathe in his deliberation pointed out that steps and actions taken by RBI for handholding of Co-op Banks while insuring public money safety. “India Depends on its own consumption for its Growth”, he opined, while discussing on Monetary Policy of RBI wherein interest rates have been kept unchanged. “Our Economy is re-booting and pandemic is shrinking”.

In these Pandemic days where banks are facing more complex situations, a disciplined approach coupled with adoption of technological advancements is the need of the hour for growth of co-op banks. In case of any wrongdoings, RBI gets activated and suggest timely measures to both the Bankers as well as Auditors, he pointed out. He asserted that Small and Micro enterprises are under stress and we need to support them. Banks should check on their operational costs while working for the benefit and safety of common public.

He appreciated the initiative of Nagpur Branch led by CA Saket Bagdia for organizing this unique conclave for the knowledge up-gradation of bankers.
CA Mukund Chitale, Past Chairman, ICAI in his key note address discussed about latest amendments brought by RBI and spoke at length about future of Urban Co-op Banks.

In a scenario where Small Banks are getting merged with Big Banks, the Board of Management at Banks as well as CEO/CFO along with Banking Staff should concentrate on following all new provisions applicable to Co-op Banks which are now covered under the regulations of RBI. Devotion, Dedication, Competence and Emotional Ownership are the important essentials for all Banking personnel. Knowledge up-gradation and Training are essential for effective functioning of Banks, opined CA Chitale.

“Much needed session” remarked CA Manish Gadia, Chairman, WIRC while speaking as Guest of Honor for the session. Co-op Banks are the life line of credit flow and deposit opportunity for all sectors. He congratulated Chairman, CA Saket Bagdia and his team for holding this session with expert speakers on the topic.
 “Co-operative is a movement; Co-operative is service to people; Co-operative is connecting public” said CA Saket Bagdia, Chairman, Nagpur Branch while welcoming the dignitaries as well as Chairpersons, CEO, CFO and Banking personnel from all over the Maharashtra & Chhatisgarh.

The comfort and affinity which any depositor / borrower enjoys with a Co-op Bank is very special. Bagdia thanked the special support of CA Anil Parakh and CA TusharKanti Dable for organizing this conclave. He saluted all these Banking warriors who stood tall in these testing times of Corona and provided services to all sections of society.

Regional Council Member, CA Abhijit Kelkar & Past President, CA Jaydeep Shah also shared their words of wisdom for the benefit of participants and appreciated Nagpur Branch for such an initiative. The session was also guided by Central Council Members, CA Shriniwas Joshi & CA Chandrashekhar Chitale who explained about steps taken by ICAI for the sector.
 
The Technical Sessions were chaired by CA Tusharkanti Dable and CA Anil Parakh. The Speakers for the sessions CA Sandeep Welling from Mubai, CA Shekhar Desai from Thane, CA Shriram Deshpande from Dhule, CA Anand Desai from Mumbai, CA Mitil Chokshi from Mumbai & CA Rajeev Chand from Nagpur effectively deliberated on topics of relevance and answered all queries of participants.

The Session was effectively coordinated by CA Jiten Saglani, Vice Chairman, CA Sanjay Agrawal, Secretary, CA Akshay Gulhane, Treasurer, CA Kirit Kalyani, IPC and CA Suren Duragkar, Past Chairman. Prominently present on the occasion were Chairmans, CEO’s, CFO’s and Banking Staff along with a lot of Chartered Accountants from Maharashtra and Chattisgarh.