Sahakar Bharati, one of its founder members and Reserve Bank of India Central Board Director Satish Marathe listed out several challenges being faced by co-ops, particularly financial co-ops, while addressing a two-day Cooperative Maha Conclave organized by one of the media groups at Pune on Saturday.
Sharing some of the points highlighted during this occasion, Marathe wrote to the Indian Cooperative highlights of his speech. “Governance mainly relates to, Conduct of Financial & Non-Financial Operations, Robust System of Checks & Balances, Close Monitoring and Oversight at all levels based on Internal Inspection, Transparent & Fair Business Practices, Informed Decision-making Process based on MIS, Formulation & Review of Policies at regular intervals, and finally Critical Review of Financials every fortnight”.
“Remain well capitalized and be ready Raise Capital at short notice. Set up Risk Management Ecosystem to minimize Expected, Unexpected & Unforeseen Losses. Adopt & Use Technology to provide Timely, Secure, cost effective Products/Services while ensuring Cyber Security, and put in place a System/Strategy for Succession Planning & Capacity & Skill Development at…
