MARGAO
As the 49-year-old Madgaum Urban Cooperative Bank (MUCB) is heading towards liquidation, with the Reserve Bank of India (RBI) cancelling the banking licence, depositors are keeping their fingers crossed over the return of their hard earned money deposited in the Margao-based bank.
Statistics showed that the MUCB has around 56,600 depositors spread across nine branches located in the state, at Margao, Panaji, Ponda, San Andre, Curtorim, Benaulim and Sanguem. In fact, anxious small as well as big depositors, especially from the branches at Curtorim, Benaulim and San Andre have been demanding the return of their hard earned money lying with the bank over the years as deposits.
The 62 employees at the MUCB will also be looking forward to the liquidator to settle their arrears and other liabilities before the bank goes about returning the money to the depositors.
MUCB Managing Director Kishore Amonkar told ‘The Goan’ that around Rs 190 crore of deposits are lying with the bank till date. In fact, he pointed out that the bank has liquid cash worth around Rs 123 crore, besides around Rs 25-30 crore of investments.
In fact, as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). Says Amonkar: “The bank will be in a position to settle the small depositors whose deposits fall below the Rs five lakh amount since the depositors are entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs five lakh. In view of this, we feel that around 99 per cent of the depositors will be settled without much difficulty”.
Sources said the balance one per cent of the depositors, approximately around 600, who are major depositors, whose deposits exceeds the Rs five lakh ceiling will be taken up next for settlement. An official in the know said though the figure of balance one per cent depositors appears simple, the amount due to them will be huge as compared to the 99 per cent of the depositors.
Sources said once the State Registrar of Cooperative Societies appoints a liquidator, the process of paying the depositors will be set in motion.
