Ravikant Vaidya Re-Elected as Chairman of Mandi Urban Bank for Third Consecutive Term.
Shimla:
Ravikant Vaidya has been re-elected as the Chairman of Mandi Urban Co-operative Bank Limited for a third consecutive five-year term. Established in 1958 by renowned freedom fighter Swami Krishnanand, popularly known as the “Gandhi of Sindh,” the bank was founded with the objective of eliminating exploitative moneylending practices.
Following his unanimous election by the board of directors, Vaidya addressed the media and shared his vision to elevate the bank to new heights. “My only goal is to take this bank to greater heights and ensure modern, customer-friendly services,” he stated.
The bank, which currently has approximately 3,770 shareholders, conducted its internal elections through nine zones. The newly elected directors—Dr. Pushp Vaidya, Priyavrat Vaidya, Harish Prakash, Chander Shekhar Vaidya, Dipender Kumar, Ravikant Vaidya, Shiv Lal Sharma, Ravikant Duggal, and Hans Raj—unanimously chose Vaidya as Chairman. Two additional professional members are yet to be nominated to the board.
Vaidya revealed plans to shift the bank to a new, long-pending premises that had been lying unused since 2004. Approval for the finishing work has already been secured from the Reserve Bank of India, and the bank is awaiting final clearance from the Cooperative Department. The new facility will offer modern amenities including lockers and ATM services.
Reflecting on the bank’s journey, Vaidya said, “The bank has seen many ups and downs over the past two decades. However, the situation is now stabilizing.” He also noted that the bank currently holds Rs. 31 crore in deposits, has disbursed Rs. 9 crore in loans, and maintains Rs. 28 crore in securities with other banks and government entities.
Looking ahead, the new board will work to expand the bank’s operational radius, which had been limited to 10 kilometers by RBI guidelines in recent years. Efforts will be made to restore its earlier district- or state-level operational range.
Vaidya’s re-election was celebrated by his supporters, who honored him with garlands and warm congratulations.
