Loans against gold jewellery gain pace

The business of loans against gold jewellery has become a priority for many financial institutions.
Many have chalked out mega retail spread plans, especially in Tier-III and Tier-IV cities, to ensure more gold loans, especially to farmers. Manappuram General Leasing and Finance and The Muthoot Group, the leading non-banking finance companies in this sector, have announced addition of 500-600 new branches by the next year.
Private sector banks, like the country’s

UCBs ready to take on ICICI or HDFC Banks !

Urban cooperative banks had always been poor cousins of Public sector banks and Private sector banks on account of Core Banking Solution. The traditional way of carrying business is somehow not going with the mood of the times. Core Banking Solution offers to connect banks to the server so that a customer can operate his account from anywhere in the world.

In a major move which will at once make urban cooperative banks

CBI rejects bail of Pen bank chairman

The Special Central Bureau of Investigation (CBI) court, on Tuesday, rejected the bail of the chairman of Pen Co-operative Urban Bank for his alleged involvement in the Rs 480-crore scam. Six persons allegedly exported gold jewellery worth Rs 600 crore to UAE using forged documents in collusion with officials of Metal Scrap Trading Corporations (MSTC) Ltd. Shirish Dharkar, chairman of Pen Co-operative Urban Bank and director of

Nabard inks pact with AP Mahesh bank for refinance

Hyderabad: Nabard has entered into an agreement with the Andhra Pradesh Mahesh Co-operative Urban Bank Ltd for providing refinance for Agricultural and Rural Development activities in the state.

The Andhra Pradesh Mahesh Co-operative Urban Bank Ltd, which has its presence in three states-- Andhra Pradesh, Rajasthan and Maharashtra-- is the first Urban Cooperative bank to enter into such an agreement with National Bank of Agriculture and Rural Development, said a Nabard official release.

Nabard already has such arrangements with major Commercial Banks, Regional

Debts Recovery Tribunal deals blow to Washim coop bank

AKOLA: Washim Urban Co-Operative Bank received a setback in disposing of the property of a mortgagor for not observing due process of law. Presiding officer of Debts Recovery Tribunal, Nagpur Irshad Husain has allowed the securitisation application and directed the bank authorities to hand over peaceful possession of the mortgaged land to applicant Jasmindersing Triloksing Johar of Washim. 

The presiding officer also directed the bank officials to return

5,000 MMCB depositors may lose their cash

More than 5,000 depositors may have to lose their hard-earned money in case the Madhavpura Mercantile Cooperative Bank (MMCB) goes into liquidation.

The depositors have lost their hopes as many other co-operative banks are likely to face the heat. However, the Gujarat Urban Cooperative Banks Federation (GUCBF) seems to be a bit optimistic here as the management plans to educate the banks on handling situations without negatively affecting the

It would be Members’ decision: Eknath Thakur (Interview with Chairman, Saraswat Bank)

Saraswat Cooperative bank has indeed earned a name for itself in urban cooperative banking but imagine it going the private way.

To find out the truth, Indian Cooperative.com contacted Mr Eknath Thakur,the Chairman of the Bank. Here is a brief excerpt of interview with him

Q  Are you going to be a private bank on the lines of ICICI or HDFC?

Thakur: Who am I to decide It is a cooperative bank with a membership of 75,000 individuals. They have

Saraswat Co-op Bank seeks to become a private bank

To overcome the inherent restrictions in the co-operative banking model on raising capital, the country's largest co-operative bank is mulling the option of converting into a private sector bank.

The Mumbai-headquartered Saraswat Co-operative Bank has apparently started working towards this end. A bigger play in the banking landscape by seeking the Reserve Bank of India's permission to spread its wings across the country – currently, it has presence in Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi – and giving

Maharashtra Govt. to amend co-op act to prevent scams

NAGPUR: The Maharashtra government on Tuesday decided to amend the Maharashtra Co-operative Societies Act, 1960, to prevent scams in various cooperative banks and societies which lead them to bankruptcy, costing the common man his heard earned money. This decision was announced by cooperation and parliamentary affairs minister Harshawardhan Patil while replying to a debate in the upper house under

Urban cooperative banks to adopt core banking solutions

Having overcome the turmoil in the cooperative banking sector, urban cooperative banks (UCBs) are all set to adopt the modern technology of core banking solutions (CBS) to expand their reach.

The National Federation of Urban Cooperative Banks and Credit Societies Limited has planned to help relatively weak and smaller UCBs to adopt modern technology and interlinking through the Applications Service Provider (ASP) system which would be economical for such