Dis-Allow Co-Operatives to use the name Bank
#PMC, @ PMC, #FM @PMO #PMO Looking at the above name board, me with decades of experience in FinTech would not have guessed its a State Run Co-operative Bank, a kind of a private club.
It could have been me and you or just about any one - could just use this neighourhood "Bank" for the convenience of proximity.
The miseries of men and women whose money is locked up with no sign of resolutions in sight, are only growing by the day. This callous "Bank" claimed few innocent lives, and the count has just begun.
(1) RBI could mandate such co-operatives should publish pictures and profiles, prominenetly written in big fonts right the entrance along with the sign board; Mandate Publishing porfiles and pictures of management team members and chairpersons and the biggest borrowers (beneficiaries) and about everyone at helm of affairs
(2) Considering that politicians and private business people use Co-operatives as their private club of financial favours, no ordinary citizen would dare to safe keep their hard earned money at a place or an institution where there are politicians and business personals involved.
(3) Color Code - provide color coding to distinguish the levels of RBI audits and controls of different instituions - such as SBI and other public sector Banks, Private Banks, Co-Operatives etc.
(4) WHY DO WE EVEN NEED CO-OPERATIVES, WHEN WE HAVE LAST MILE ACCESS VIA UPI , QR CODES AND OTHER PAYMENT BANKS, JanDhan Accounts, NBFCs all of them made Financial Inclusion a reality.!
Executive Vice President - Fino Payments Bank
5 年Quite well articulated and kick ass!! Cooperatives should not be allowed to use 'Bank'.?