To retain Shivpal at helm, LDB will go back to single-state bank status
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To retain Cooperative Minister Shivpal Yadav as its chairman, the Uttar Pradesh Sahkari Gram Vikas Bank will again revert to single-state cooperative bank status. At present, the bank is a multi-state bank governed by the Multi-State Cooperative Societies (MSCS) Act, 2002, which prohibits a minister from becoming chairman.
During a hurriedly convened board of directors meeting of the bank on Friday evening, it was decided that the bank will now revert to single-state cooperative bank. Shivpal himself presided over the meeting, while passing the resolution for changing the status of the bank. The changes will now require approval by a two-thirds
majority of the bank's general body, which is scheduled to meet on March 2. Going by the majority of Samajwadi Party members in cooperative sector, it is now a mere formality when the general body approves the changes.
The bank officials are now busy finalising the new bylaws to facilitate Shivpal's position as chairman. After getting single-state cooperative bank status, it will be governed by the Uttar Pradesh Cooperative Societies Act 1965. The Uttar Pradesh Sahkari Gram Vikas Bank, which is commonly known as the Land Development Bank (LDB), is the nodal bank for implementing the state government's Rs 1,600 crore loan waiver scheme for farmers, brought by the Akhilesh Yadav government.
The SP thus has taken a U-turn in its stand, only to ensure that Shivpal remains the chairman of the bank. Earlier, Mayawati during her regime in 2007 had superceded the bank's board thus dethroning Shivpal as its chairman. Later, efforts were done to conduct the election of the chairman, but SP argued that it was a multi-state bank with 323 branches in Uttar Pradesh and 19 in Uttarakhand. Therefore, it should be governed by the MSCS Act 2002 and the elections conducted by the central registrar. It is another matter that the 19 branches of Uttarakhand had stopped disbursing loans from 2003. For all practical purpose they are in Uttarakhand. Even the board of directors for the bank does not have any representation from Uttarakhand.
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