By : Prof. Akham Biradhwaja Singh
By virtue of definitions/provisions of Section 2(10) and (28) of the Manipur Co-operative Societies Act, 1976, “Co-operative Bank” means a Society registered under this Act and doing the business of banking, as defined in Clause (b) of Sub-Section (1) of Section 5 of the Banking Companies Act,1949 while “Society” means a Co-operative Society Registered, or deemed to be registered, under this Act.
By virtue of provision of Section 4 of this act, a Society, which has as its objects the promotion of the economic interests or general welfare of its members or of the public, in accordance with the Co-operative principles, or a Society, established with the object of facilitating the operations of any such society, may be registered. Provided that, no society shall be registered if it is likely to be economically unsound, or the registration of which may have an adverse effect on the development of the Co-operative movement.
By virtue of provision of Section 6(1) of this Act. No society, other than a federal society, shall be registered under this Act unless it consists of at least ten persons (each of such persons being a member of a different family), who are qualified to be members under this Act and who reside in the area of operation of the Society while by virtue of provision of Section 6(3) of this Act, no federal society shall be registered, unless it has a least five societies as its members.
In short, in a simplified form of expression, “Co-operatives” including Co-operative Banks are the Association or Unions of common enterprises for collective benefits at least limited number of desired eligible like-minded persons/citizens in all the states and Union Territories in India. It is enshrined and guaranteed in Article 19 of the Constitution of India of a clear and unambiguous inclusion of the right to form and run co-operatives in the Fundamental Rights Chapter of our Constitution to the execution/performance of duties/services/enterprises of millions of crores of ordinary eligible persons/citizens by employment of voluntary co-operative organisations with or without state funding.
In India, citizens are liberated and liberalized in the expression of consciousness, conscience and knowledge of achievement/realization and its practices in our society as well as to the formation of Co-operatives, Associations, Unions and Civil Societies along with the protection afforded under Article 19(1) (a) (c) of the Constitution of India, but, which are the direct opportunities of paths of expression and execution from the public side towards “Scientific Socialism” in India to be expressed/formed/organised/strived by the most desired/known or un-known of know-hows eligible poor people/citizens and group of the people/citizen. These are also the processes of decentralization of administration from all levels of national, state and local level in our governance in India towards individual or group incomes/ownerships for achieving culture/civilization of selvesreliances and selves-dependences, which are the true spirits of formation of constituents/components of wealth/property and materials of poor people/citizens in our democratic country.
In general, Co-operatives are made by the poor people and are in the favour of poverty-people while companies are made by the capitalists and are in the favour of affluent people in our Indian Society, which comprises of about 80 crores of poor people and about 20 crores of affluent people. It can promote the welfare of the people in justice, social, economic and political status; which are permitted in Article 35(1) of the Constitution of India. It can further promote to minimize the inequalities in income and endeavour to eliminate inequalities in status, facilities and opportunities, not only amongst individuals but also amongst the groups of people residing in different areas or engaged in different vocations; which are permitted in Article 38(2) of the Constitution of India.
In India, in the organisation, registration and licence and fresh proposals for organisation of new Urban Co-operative Banks for issuance of fresh licences in all the states and Union Territories in the Urban Co-operative Banking Sector, Shri N.S. Vishwanathan, Chief General Manager, Reserve Bank of India, Central Officer, Urban Banks Department, Mumbai has avoided/closed/ceased/dropped to receive admit/consider fresh proposals for organisation of new Urban co-operative Banks or for conversion of Co-operative Credit Societies into Urban Co-operative Banks or for conversion of Co-operative Credit Societies into Urban Co-operative Banks on the June, 12, 2004 on the basis of Annual Policy Statement of R.B.I. for the year: 2004-05, which is announced by Dr. Y. Venungopal Reddy, Governor, Reserve Bank of India, Central Office, Mumbai, which reads as under:
In order to make the UCB (Urban Co-operative Bank) sector strong, health and stable, it is proposed to consider issuance of fresh licences only after a comprehensive policy on UCBs, including an appropriate legal and regulatory framework for the sector, is put in place and a policy for improving the financial health of the Urban Co-operative Banking Sector is formulated early.
In accordance with the above announcement, no fresh proposals for organisation of new UCBs or for conversion of Co-operative credit societies into UCBs will be considered till the situation is reviewed and a fresh announcement is made by the Reserve Bank of India in this regard. There is no need to forward any such proposals for consideration. These instructions come into force with immediate effect.
The para 139 of the Annual Policy Statement for the year: 2004-05 of the Reserve Bank of India is unreasonable baseless, false and harmful allegation because the said para of Annual Policy Statement of Reserve Bank of India is based on the basis of prejudices along with the incomplete and immature doctrine of strong, healthy and stable of the existing Urban Co-operative Banks to support to pro-established, prorunned, and pro-aided Urban Co-operative Banks without consideration and fulfillment for present alarmed poverty and unemployment problem of under-privileged people/unemployed ordinary citizens, who are desired to organise, establish and promove fresh/new Urban Co-operative Banks in all the States and Union Territories in India.
The said announcement made in para 139 of the Reserve Bank of India’s Annual Policy Statement for the year: 2004-05 was circulated/communicated to the Registrar of Co-operative Societies. All States and Union Territories in India by the Chief General Manager, Reserve Bank of India, Central Office, Mumbai on the 12th June 2004; vide Reference UBD No. UBD. CO. NBL 06/08.00.00/2003-04, Reserve Bank of India, Central Office, dated :12.6.2004.
By virtue of the said circular/communication dated 12-06-04, the Reserve Bank of India, Central Office, Mumbai has restrained/suspended/deprived the fundamental right to form and run Co-operative Banks in the Urban Co-operative Banking Sector of the all desired eligible Indian Co-operative beloved poor citizens/persons in all the states and Union Territories since 12-6-2004 until to-day; which is confirmed from the Central Office of the Reserve Bank of India, Mumbai through an application dated the 19th May, 20087 of the Chief Promoter of the Proposed Manipur Urban Co-operative Bank Ltd. Achanbigei/Sangakpham, P.O. Mantripukhri, Imphal, Manipur to the Central Public Information Officer Reserve Bank of India, Urban Banks Department, World, Mumbai; to neglect/disobey/violate the Article 19(1) (c) and (g) of the Constitution of India.
Thus, RBI’s Governor forfeited about 3 crores opportunities of fresh employment in India in the Urban Co-operative Sector during the past three years. The curbed period of about 3 years in the organisation of new Urban Co-operative Banks of Dr. Y. Venungopal Reddy, present Governor of Reserve Bank of India is the period of dark days or holidays for the organisation of new Urban Co-operative Banks in India in on-going/current vision India: 2020 of the 21st Century Indian history of civilization. By virtue of his policy in the Urban Co-operative Sector, Dr. Y. Venugopal Reddy, present Governor, RBI, Mumbai is the Devil/evildoer/oppressor of the all unemployed eligible poor people/citizens of beloved and desired fresh/new Urban Co-operative Banks in all the States and Union Territories while its evils are laid on our Indian Society forever with irreparable losses of economic growth, employment and human civilization in India. It is a very unfortunate vision-less policy of the Parliament/Govt. of India/RBI for the poor people, who are waiting fresh announcement of permission/Licence for organization, establishment and promotion of new Urban Co-operative Banks in the Urban Co-operative Banking Sector with the opportunities of fresh employment in India in all the States and Union territories.
The poor people of India wait the fortune in day and night at present as it is impossible to restrain and obstruct the current of human civilization and truth defeats untruth.
The Imphal Free Press
By virtue of definitions/provisions of Section 2(10) and (28) of the Manipur Co-operative Societies Act, 1976, “Co-operative Bank” means a Society registered under this Act and doing the business of banking, as defined in Clause (b) of Sub-Section (1) of Section 5 of the Banking Companies Act,1949 while “Society” means a Co-operative Society Registered, or deemed to be registered, under this Act.
By virtue of provision of Section 4 of this act, a Society, which has as its objects the promotion of the economic interests or general welfare of its members or of the public, in accordance with the Co-operative principles, or a Society, established with the object of facilitating the operations of any such society, may be registered. Provided that, no society shall be registered if it is likely to be economically unsound, or the registration of which may have an adverse effect on the development of the Co-operative movement.
By virtue of provision of Section 6(1) of this Act. No society, other than a federal society, shall be registered under this Act unless it consists of at least ten persons (each of such persons being a member of a different family), who are qualified to be members under this Act and who reside in the area of operation of the Society while by virtue of provision of Section 6(3) of this Act, no federal society shall be registered, unless it has a least five societies as its members.
In short, in a simplified form of expression, “Co-operatives” including Co-operative Banks are the Association or Unions of common enterprises for collective benefits at least limited number of desired eligible like-minded persons/citizens in all the states and Union Territories in India. It is enshrined and guaranteed in Article 19 of the Constitution of India of a clear and unambiguous inclusion of the right to form and run co-operatives in the Fundamental Rights Chapter of our Constitution to the execution/performance of duties/services/enterprises of millions of crores of ordinary eligible persons/citizens by employment of voluntary co-operative organisations with or without state funding.
In India, citizens are liberated and liberalized in the expression of consciousness, conscience and knowledge of achievement/realization and its practices in our society as well as to the formation of Co-operatives, Associations, Unions and Civil Societies along with the protection afforded under Article 19(1) (a) (c) of the Constitution of India, but, which are the direct opportunities of paths of expression and execution from the public side towards “Scientific Socialism” in India to be expressed/formed/organised/strived by the most desired/known or un-known of know-hows eligible poor people/citizens and group of the people/citizen. These are also the processes of decentralization of administration from all levels of national, state and local level in our governance in India towards individual or group incomes/ownerships for achieving culture/civilization of selvesreliances and selves-dependences, which are the true spirits of formation of constituents/components of wealth/property and materials of poor people/citizens in our democratic country.
In general, Co-operatives are made by the poor people and are in the favour of poverty-people while companies are made by the capitalists and are in the favour of affluent people in our Indian Society, which comprises of about 80 crores of poor people and about 20 crores of affluent people. It can promote the welfare of the people in justice, social, economic and political status; which are permitted in Article 35(1) of the Constitution of India. It can further promote to minimize the inequalities in income and endeavour to eliminate inequalities in status, facilities and opportunities, not only amongst individuals but also amongst the groups of people residing in different areas or engaged in different vocations; which are permitted in Article 38(2) of the Constitution of India.
In India, in the organisation, registration and licence and fresh proposals for organisation of new Urban Co-operative Banks for issuance of fresh licences in all the states and Union Territories in the Urban Co-operative Banking Sector, Shri N.S. Vishwanathan, Chief General Manager, Reserve Bank of India, Central Officer, Urban Banks Department, Mumbai has avoided/closed/ceased/dropped to receive admit/consider fresh proposals for organisation of new Urban co-operative Banks or for conversion of Co-operative Credit Societies into Urban Co-operative Banks or for conversion of Co-operative Credit Societies into Urban Co-operative Banks on the June, 12, 2004 on the basis of Annual Policy Statement of R.B.I. for the year: 2004-05, which is announced by Dr. Y. Venungopal Reddy, Governor, Reserve Bank of India, Central Office, Mumbai, which reads as under:
In order to make the UCB (Urban Co-operative Bank) sector strong, health and stable, it is proposed to consider issuance of fresh licences only after a comprehensive policy on UCBs, including an appropriate legal and regulatory framework for the sector, is put in place and a policy for improving the financial health of the Urban Co-operative Banking Sector is formulated early.
In accordance with the above announcement, no fresh proposals for organisation of new UCBs or for conversion of Co-operative credit societies into UCBs will be considered till the situation is reviewed and a fresh announcement is made by the Reserve Bank of India in this regard. There is no need to forward any such proposals for consideration. These instructions come into force with immediate effect.
The para 139 of the Annual Policy Statement for the year: 2004-05 of the Reserve Bank of India is unreasonable baseless, false and harmful allegation because the said para of Annual Policy Statement of Reserve Bank of India is based on the basis of prejudices along with the incomplete and immature doctrine of strong, healthy and stable of the existing Urban Co-operative Banks to support to pro-established, prorunned, and pro-aided Urban Co-operative Banks without consideration and fulfillment for present alarmed poverty and unemployment problem of under-privileged people/unemployed ordinary citizens, who are desired to organise, establish and promove fresh/new Urban Co-operative Banks in all the States and Union Territories in India.
The said announcement made in para 139 of the Reserve Bank of India’s Annual Policy Statement for the year: 2004-05 was circulated/communicated to the Registrar of Co-operative Societies. All States and Union Territories in India by the Chief General Manager, Reserve Bank of India, Central Office, Mumbai on the 12th June 2004; vide Reference UBD No. UBD. CO. NBL 06/08.00.00/2003-04, Reserve Bank of India, Central Office, dated :12.6.2004.
By virtue of the said circular/communication dated 12-06-04, the Reserve Bank of India, Central Office, Mumbai has restrained/suspended/deprived the fundamental right to form and run Co-operative Banks in the Urban Co-operative Banking Sector of the all desired eligible Indian Co-operative beloved poor citizens/persons in all the states and Union Territories since 12-6-2004 until to-day; which is confirmed from the Central Office of the Reserve Bank of India, Mumbai through an application dated the 19th May, 20087 of the Chief Promoter of the Proposed Manipur Urban Co-operative Bank Ltd. Achanbigei/Sangakpham, P.O. Mantripukhri, Imphal, Manipur to the Central Public Information Officer Reserve Bank of India, Urban Banks Department, World, Mumbai; to neglect/disobey/violate the Article 19(1) (c) and (g) of the Constitution of India.
Thus, RBI’s Governor forfeited about 3 crores opportunities of fresh employment in India in the Urban Co-operative Sector during the past three years. The curbed period of about 3 years in the organisation of new Urban Co-operative Banks of Dr. Y. Venungopal Reddy, present Governor of Reserve Bank of India is the period of dark days or holidays for the organisation of new Urban Co-operative Banks in India in on-going/current vision India: 2020 of the 21st Century Indian history of civilization. By virtue of his policy in the Urban Co-operative Sector, Dr. Y. Venugopal Reddy, present Governor, RBI, Mumbai is the Devil/evildoer/oppressor of the all unemployed eligible poor people/citizens of beloved and desired fresh/new Urban Co-operative Banks in all the States and Union Territories while its evils are laid on our Indian Society forever with irreparable losses of economic growth, employment and human civilization in India. It is a very unfortunate vision-less policy of the Parliament/Govt. of India/RBI for the poor people, who are waiting fresh announcement of permission/Licence for organization, establishment and promotion of new Urban Co-operative Banks in the Urban Co-operative Banking Sector with the opportunities of fresh employment in India in all the States and Union territories.
The poor people of India wait the fortune in day and night at present as it is impossible to restrain and obstruct the current of human civilization and truth defeats untruth.
The Imphal Free Press
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