Co-operative urban banks are functioning more transparently and during his tenure as Director of National Federation of Co-operative Urban Banks and Credit Societies (NAFCUB) he along with the other two elected from the State will try to strengthen it and bring about positive changes, Chairman Emeritus of the Visakhapatnam Co-operative Bank Ltd Manam Anajaneyulu has said.
The NPAs of commercial banks, on the other hand were not being revealed fearing the impact, he said, quoting the example of United Bank of India saddled with high NPAs.
He was speaking at a felicitation to him and chairman of the A P Mahesh Co-operative Urban Bank Ltd. Ramesh Kumar Bung, on being elected directors of NAFCUB by the four urban banks in the city. The other director elected from Andhra Pradesh, Chairman of The Bhavana Rushi Co-operative Urban Bank G. Rama Murthy could not attend.
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He said Chairman of NAFCUB Abhayankar would try to work hard during the last leg of their tenure to bring about changes. He said the competition in the federation - 18 contested for seven director posts - augured well when compared to the situation in early 2000 when people were wary about becoming a part of urban co-operative banks.
Much of the discussion at the meeting centred around seeking exemption from income tax to urban co-operative banks levied since 2006.
Replying to The Kanaka Mahalakshmi Co-operative Bank Chairman P. Raghunatha Rao who wanted NAFCUB to take up the issue with the next government, he recounted the efforts made. The then President Pratibha Patil who had been a Director of NAFCUB was approached but Finance Minister P. Chidambaram did not relent. The Prime Minister said he would argue on their behalf but nothing happened. The RBI wrote to the government on the issue but to no avail. The directors comprised several eminent personalities representing all political hues and there was no unanimity. Besides, there was not much of difference when it came to taxation policies between the two major political parties.
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Mr. Raghunatha Rao said BJP, then in Opposition, had assured to take up the issue but none approached it. But with a man from Gujarat, a stronghold of co-operative movement, expected to take up the reigns a positive result may come. With the setting up of Central Revenue Intelligence wing to deal with money-laundering, other apprehensions were not justified, he said. Mr. Bung described Mr. Anjaneyulu as a role model fo0r the co-operative fraternity in the country. The Visakhapatnam bank chairman Ch. Raghavendra Rao, Maharaja Bank Chairman M.R.K. Raju, The Hindustan Shipyard Co-op Bank chairman B. Harikrishna spoke.