2,000 out of 10,000 depositors who have applied for claims received deposits over last one week; monetary ceiling set at Rs 5 lakh

THE GOAN NETWORK | MAY 14, 2022, 12:38 AM IST

There’s finally good news in store for the beleaguered depositors of the Madgaum Urban Cooperative Bank (MUCB).  

After the bank went into liquidation in August last year, depositors have started getting back their deposits up to a ceiling of Rs 5 lakh. Around 2,000 out of the 10,000 depositors, who have laid their claim on their deposits have received their deposits over the last one week. And, if officials of the government-appointed liquidator are to be believed, all the depositors, who have filed their claims for the return of their deposits, will get their money back in due course of time.  

Liquidator-appointed designated officer Kishore Amonkar told The Goan that around 2,000 depositors must have received their deposits so far since the process of returning back the deposits started last week. “The Liquidator had received claims for return of deposits from around 10,000 depositors. After the audit conducted by the Deposit Insurance and Credit Guarantee Corporation (DICGC), the process of returning back the deposits has been officially set in motion,” Amonkar said.  

He added: “There may be some glitches here and there, but all the depositors who have filed their claims will start receiving their deposits. The amount is being credited in the accounts of the depositors.”  

Sources said a provision of Rs 136 crore has been made to settle the claims of the depositors.  

To a question, Amonkar pointed out that though the office of Liquidator had set a two-month time-frame in September last for the depositors to file their claims, the office is accepting the fresh claims made by the depositors.  

Out of the 56,635 depositors, only 10,000 depositors had filed their claims for the return of their deposits with the office of the Liquidator. Though there’s no cap for the moment on the filing of claims by the depositors, Amonkar pointed out that the office of Liquidator would one day set a final deadline on the depositors to stake claim on their deposits.  

While the total deposits are pegged around Rs 189.81 crore, the bank has at its disposal funds to the tune of Rs 136 crore to settle the claims of the depositors.  

On how the MUCB will meet the balance amount required to settle the claims of depositors, Amonkar pointed out that the office of Liquidator has set in motion the process to tone up the recoveries and dispose of the bank assets. “As of now, the bank has enough funds at its disposal to settle the claims made by the depositors,” he added.  

The MUCB had already told the RBI that about 99 per cent of the depositors will receive full amounts of their deposits from DICGC. Every depositor is entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from the DICGC subject to the provisions of the DICGC Act, 1961.

All lockers closed, valuables shifted to Aquem head office  

MARGAO: The office of Liquidator has closed down all the lockers at the MUCB branches after the last date set for the holders to surrender their lockers.  

The valuables from the lockers from the branches, which have also been shut down, have now been shifted to the Head Office, Aquem.  

Liquidator-appointed designated Officer, Kishore Amonkar informed that only a few remaining lockers, which were not surrendered by the holders, were opened by following the laid down guidelines. “We have shifted the valuables in the lockers to the head office at Aquem. We had to open the lockers since it was decided to shut down the branches functioning from leased out premises. The holders approach the office and lay claim on their valuables,” Amonkar added.  

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