Amit Bhai became the youngest President of ADCB at the age of 36 years.
When Amit Bhai took over the reins of this cooperative bank, it was bleeding red with a net loss of Rs.20.28 crores and it had not paid a dividend to its shareholders for several years. Amit Bhai’s turnaround proposals were not taken seriously and people instead made fun of him. However, given his acumen and leadership and problem solving skills, Amit Bhai turned around the bank in just one year time frame. The bank not only recovered its losses but posted a net profit of Rs.6.60 crores and also paid a dividend of 10%. In the next year, the bank continued to register profits and gave a dividend of 13.77%. During his tenure as Chairmen, ADCB became no-1 Cooperative Bank of Gujarat.
During Amit Bhai’s tenure as President of ADCB, State Bank of India suddenly stopped the overdraft against fixed deposits facility to cooperative banks. But thanks to Amit Bhai’s untiring efforts, SBI had to take back its decision within 48 hours. This benefitted all the Cooperative Banks in the state.
Realizing the need of the poorest of poor in rural areas, Amit Bhai enhanced insurance cover for labourers and farmers to Rs.10,000 from Rs.2,500 and Rs.2,500 from Rs.500 respectively.
Around this time, Madhavpura Bank Ahmedabad went bankrupt, putting depositors with savings of Rs. 800 crores and the entire co-operative banking sector at risk. The problem engulfed the entire cooperative banking system in the state and the people were desperate to withdraw their money. A depositor, who belonged to Amit Bhai’s constituency, couldn’t bear the shock and committed suicide. Amit Bhai was shaken by the turn of events and took it upon himself to revive Madhavpura Bank. As part of this herculean effort, Amit Bhai got state and national financial institutions on board and prepared a detailed plan to bring back the bank on track. He not only successfully revived the bank but also introduced a deposit insurance scheme that helped depositors and account holders recover their Rs. 400 crore