Cooperative Banks should be allowed to list on bourses: Greater Bombay Cooperative Bank CEO
By Vaibhav Aggarwal
Jul 3, 2012
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The Greater Bombay Co-operative Bank Chairman Mr. Narendrakumar A. Baldota has said that the RBI should allow urban cooperative banks (UCB) to raise capital from the market through issue of equity shares to the public.

At present the cooperative banks can raise capital only by issuing face value shares to the members, reinvest profits, and issuing long term subordinated deposits.

Mr. Baldota said, doing so would mean a tighter control of SEBI and RBI on the banks, which would improve the image of these lenders. The numbers of UCB at the end of last fiscal were 1,645. Together they held deposits of Rs. 2,12,031 crore and had disbursed Rs. 1,36,341 crore.

Talking about his bank, Mr. Baldota announced the bank plans to increase its deposits to Rs. 1,600 crore from Rs. 1,200 crore at present; the bank has also targetted the advances to grow from Rs. 600 crore to Rs. 1000 crore.

Gold loans would be one of the focus center for the FY13. The bank holds Rs. 90 crore in gold assets and plans to take the figure to Rs. 200 crore by the end of this fiscal. Bank offers gold loans at all its branches and the interest rate charged is 13%.

The bank also plans to expand its business by opening branches in the neighboring states of Gujarat, Karnataka, and Madhya Pradesh in next few years.

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