Pune: In a move to safeguard financial integrity, the Pune District Urban Co-operative Banks Association has appealed to the Chief Election Commissioner to restrict loan defaulters from co-operative banks from contesting in the upcoming elections.
The association, led by President Adv. Subhash Mohite, has expressed concerns over the financial stability of banks that serve communities using depositors' funds and are governed by the Reserve Bank of India (RBI).
With the nomination filing process for Assembly elections in progress, the association’s letter emphasizes that increasing defaults place depositors' savings at risk, potentially leading to intervention by the RBI against the banks in question.
The association has referenced the Representation of the People Act, which mandates that any candidate running for office should be free of government dues.
In alignment with this legislation, the association requested that defaulters of co-operative banks be restricted from participating in elections.
Alongside this, the association has also proposed exempting co-operative bank employees from election duties, pointing out that under current law, assigning election responsibilities to bank staff is not permissible.
"Our stance is clear," stated Adv. Subhash Mohite. "We believe that defaulters should be barred from contesting, and bank employees should not be drawn into election duties."
This request is seen as part of broader efforts by the association to ensure the financial security of co-operative banks and to protect public funds.
