The shareholders of Bombay Mercantile Cooperative Bank—established for minorities in India— Sunday voted to elect directors on board.
The elections were held across the country including in Srinagar. Of the 15 directors on board, 10 had been elected unopposed. For the remaining 5 directors 15 candidates were in fray.
Out of 3475 shareholders in Kashmir, 792 exercised their franchise. The election results will be declared on January 28.
Officials said the tenure of the board has been enhanced from three to five years.
Talking to Greater Kashmir, Presiding Officer, Feroz Ahmad said the polling went smoothly in Srinagar even though the turnout was thin. “Polling continued from 9 AM to 5 PM. In all 792 votes were polled in Srinagar at the polling booth set up at its branch at M A Road here.”
Last time the bank had held elections in 2012 after a gap of 12 years. Earlier, the bank was “superseded” by Reserve Bank of India due to pilling up of its NPAs.
The bank has two branches in the Valley: one at M A Road and another at Nallahmar Road here.
The Bank enjoys the distinction of being the first to offer Saudi riyals in exchange for Indian rupee to Hajj pilgrims in the Valley. Its first branch in Kashmir was opened in 1980. The branch was inaugurated by the two political stalwarts of that time Sheikh Muhammad Abdullah and Mirwaiz Muhammad Umar Farooq.
Legal Advisor, Bombay Mercantile cooperative Bank, Bashir Sidiq said: “The bank is showing positive signs of revival and has improved its services a lot in Srinagar following the slump in its business during turmoil.”
“The turnout was less due to restrictions in place ahead of January 26 as also some shareholders are outside the state due to winters here,” Sidiq said.