Mumbai, July 6 (UNI) National Federation of Urban Co-operative Banks and Credit Socities Limited (NAFCUB) today gave a clean chit to UPA-Left Presidential nominee Pratibha Patil, saying all the allegations about the reported financial irregularaties in the Pratibha Mahila Co-operative Bank were ''baseless and politically motivated.'' Addressing a news conference here, NAFCUB Director and Chairman of the Kapol Co-coperative Bank Ltd K D Vora said the truth behind the failure of the Pratibha Mahila Bank is like many other small banks in Gujarat and Maharashtra, which were not able to adapt themselves to the changes and improve managerial capacities in line with the reforms taking place.
He said the Reserve Bank of India (RBI) cancelled licences of over 150 urban banks between 2001 and 2004 and Pratibha Mahila Bank was one of them.
''Attributing motives and connecting the bank's failure with Ms Patil is rather absurd and figment of imagination,'' he said.
Mr Vora said if Ms Patil becomes the President, it will certainly boost the co-operative movement, which is presently passing through a difficult phase.
She had always stressed on women empowerment and was devoted to the cause of their all-round development, he said.
Ms Patil is expected to visit Mumbai next week and the leaders from the co-operative sector are ready to give a warm welcome to the Presidential candidate, Mr Vora said, adding, he and the entire co-operative sector is confident of her win in the election to the highest office, notwithstanding the various attempts to malign her image.