Team Herald
PONDA: VPK Urban Cooperative Credit Society chairman Surya Gaude has demanded that the Registrar of Cooperative Societies remove the restriction on cash withdrawal limit of Rs 20,000 per month immediately.
Addressing the media at head office in Mardol, Gaude said due to restrictions imposed by the Registrar, there is panic among customers and added that this restriction has affected the business of VPK Society and other societies too.
He further demanded that the Registrar remove the limit on loan borrowing and other restrictions.
The chairman informed that the VPK Society is one of leading societies in the State and is financially sound.
Deputy Chairman Pandurang Gaude, director Hiru Khedekar, Rohidas Gaude, Rama Gaude, Savitri Velingkar, Dina Bandodkar, Rohidas Priolkar, Roshan Gaude, MD Ashok Gaude and General Manager Santosh Gaude were present.
Speaking further, he said, “We informed the Chief Minister and Cooperation Minister Govind Gaude that the VPK Society has been affected by the restrictions imposed by the Registrar. The discussions were positive as both of them said that slowly all restrictions will be removed and that customers need not panic.”
He said during past 27 years VPK is has been carrying out business successfully. However, in the last year, the society’s NPAs have been affected due to the restrictions.
He said, “VPK is financially sound with Rs 700 crore deposits, loans to the tune of Rs 530 crore, Rs 290 crore bank deposits besides land and other property worth Rs 150 crore is with society.”
He said, “VPK has 42 branches, 300 employees and 150 pigmy agents. There is panic among customers due to restrictions as the same may impact the deposits. So we held an urgent meeting with Cooperation Minister Govind Gaude, which has given us hope. The Registrar has now directed the VPK directors to submit an action plan to reduce NPAs and the expenditure too. In this regard, meeting has been convened with the Registrar and the action plan will be submitted in the first week of July.”
He said, “Mines closure, demonetisation and COVID pandemic have impacted VPK economic affairs. VPK suffered loss to the tune of Rs 12 crore following government directions to waive off mining loans. But now the financial condition of VPK is sound, no one should worry. The government has promised to remove the restrictions slowly.”
It may be recalled that the registrar had a week ago imposed some restrictions on VPK Society for six months including cash and loan limit after conducting an inquiry into the society’s affairs.
