Emerging as a Saviour in Cooperative Sector

Anshumman Joshi, Chairman, Dhanvarsha Group is an entrepreneur having varied interest in several related fields. Primarily he is a private equity investor, an influential litigant in the field of cooperative sector and a policy framework designer for the growth of the sector. With his relentless efforts and dedication he is considered to be a saviour for the cooperative banking sector. He is also an acclaimed social worker, RTI and Rights activist, and a familiar face in the corporate world as an aggressive corporate head honcho.

A man who understands banking laws of the land by heart, Mr. Joshi has big dreams to change the entire landscape of cooperative arena which is marred in several unnecessary controversies. With a mission to cleanse the system he has been vigorously studying various drawbacks in the legal framework, meeting people across the country for their input and lastly meeting the powers that may be to take corrective measures.

Dhanvarsha Group is an international conglomerate which Mr. Joshi successfully built in a period of 18 years. Under his able leadership the group has entered into many sectors such as infrastructure development, travel & tourism, online retail, pharmaceuticals & healthcare, IT education, e-commerce, cyber security, private equity investments, housing finance, and asset reconstruction. The group is also creating a Casino Strip in collaboration with a 5-star hotel in Goa. Mr. Joshi is personally involved in several social activities in Goa and is in the process of adopting over 60 schools.

Dhanvarsha Group is in news because of a very bold step it took by signing an agreement with Mumbai-based City Cooperative Bank. The Group has offered a comprehensive revival package for the Bank and entered into an Agreement for Revival and Private Placement pertaining to a whooping investment of `230 crore into the Share Capital of the Bank as per Section 12 of the Banking Regulations Amendment Act 2020. The Agreement was signed on July 27, 2022 between Mr. Anshumman Joshi and Mr. Anandrao Adsul (Ex MP) and Chairman of the bank. As CEO Mr Arthur Rebello too was a signatory.

On the sidelines of the event Mr. Anshuman Joshi, Chairman, Dhanvarsha Group briefed about his plans and the condition of cooperative banking sector as a whole.

What is the idea behind reviving a bank which is under the RBI scanner since long?