July 26: Chairman of Dhanvarsha Group, Anshumman Joshi, 33, is a man of multiple facets. He is known as a Philanthropist, Social Worker, RTI Activist, Private Equity Investor, Banker, and Litigant to protect the integrity of democracy in the Indian Cooperative Sector. But overall, he is an entrepreneur extraordinaire and a savior for the Cooperative Banking Sector for Urban Cooperative Banks across the country. Joshi is the man who understands the laws of the land by heart with several banking and other Acts. Though he has been a founder, partner and director of hundreds of companies from different sectors, especially finance and banking, Joshi has now been making relentless efforts to revive some of the very popular urban cooperative banks which are currently undergoing a crisis.
A financial wizard, Anshuman Joshi has emerged as the saviour of Indian cooperative banking. If it is an exaggeration to consider him a saviour of cooperative banks, then it is an exaggeration of a vital truth. He has been spearheading a movement to revive sick urban cooperative banks (UCBs) with his own resources and expertise in the sector.
Joshi understands the system, especially the new Banking Regulation Act 2020 and is all set to leverage its benefits for all the stakeholders. According to him, the Act and its provisions for the cooperative banking sector would catalyze it into the country’s most vibrant banking system.
Dhanvarsha Group is all set to leverage the provisions made in the Banking Regulation Act 2020, which allows under Section 12 for a cooperative bank, with the prior approval of the Reserve Bank, issue, to raise money through public issue or private placement.
Under the provisions, Dhanvarsha Group has proposed several options, including an infusion of over Rs 200 crore through various modes of financing to each of three urban cooperative banks, namely- Goa-based, Mapusa Urban Cooperative Bank (MUCB) Ltd, Mumbai-based The City Cooperative Bank Ltd., and Karnataka-based Sri Guru Raghavendra Sahakara Bank.
“We are offering a Rs 200 crore Revival Package to convert cooperative banks such as the City Cooperative Bank Ltd., Mumbai, into a Small Finance Bank. A similar offer has been given for Raghavendra Shakara Bank also. Several cooperative banks are facing liquidity crises and huge NPAs. These banks need an infusion of money, and bad assets should be given to Asset Reconstruction Companies. In these spaces, Dhanvarsha Group has the expertise to bring in key shareholders together and initiate the process of revival,” says Joshi.
“A revival will be in the larger interest of all the Depositors and Shareholders of the distressed cooperative banks. We can infuse adequate share capital through our Alternative Investment Fund (AIF), and we are also interested in converting these State Level Co-operative banks into Small Finance Banks as per the relevant RBI Norms,” adds Joshi.
Meanwhile, Union Cooperation Minister Amit Shah Ji has emphasized the opening of at least one Cooperative Bank in each city of the country to provide further momentum to the Cooperative movement. Anshumman Joshi’s efforts are expected to give positive outcomes soon. It is widely admitted that the primary reason for the cancellation of the license of some Cooperative banks to conduct the business of banking was financial deterioration. The private placement agreement shall enable the bank to raise capital and thereby resume its business. Joshi has taken up a mission to create awareness among the stakeholders on this and frequently writes to Union Ministries of Finance and Cooperation along with the Banking Regulator RBI seeking permission and support.
Entrepreneur extraordinaire Joshi has transformed Dhanvarsha Group into a global conglomerate over a period of 15 years with his extraordinary and visionary leadership. Presently, the Group is in businesses such as Infrastructure, Travel & Tourism Infrastructure Development, Online Retail, Pharmaceuticals, Pharmacy, Healthcare, IT, Education, Hospitality, Hotels, E-Commerce, Merchant Acquiring, Banking, Financial Services, IT Security, Cyber Security, Private Equity Investments, Venture Capital, Housing Finance, Asset Reconstruction, Legal Services, Exports. For Goa, Joshi has multiple plans and projects in hand. He plans to enter the Casino Business by creating a Casino Strip with 5-star Hotel Projects in Goa- the “Las Vegas of India.” The Group forays into Healthcare with its proposed purpose-designed state-of-the-art Multi-Specialty Hospital in Goa along with a Medical College. Joshi accords a top priority to education. Hence, he is in the process of adopting 60 schools in Goa so that every child has a constitutional right to education. As per Article 21-A of the Constitution of India, no child should be deprived of education due to his/her parents’ financial situation, and they are the future of the country, so they should be given the same treatment and resources that children of wealthy families get.
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