Liquidation process now from Reis Magos branch
MAPUSA
The last remaining symbol of the once-prominent Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) is set to pass into history, with the State government taking possession of the bank's iconic headquarters, ‘Nandadeep’, in Mapusa.
The move effectively brings an end to the bank’s operations from the landmark building that served as the nerve centre of one of Goa’s oldest urban cooperative banks for several decades.
In a public notice issued recently, MUCB General Manager Shailendra Sawant informed shareholders, depositors, borrowers, former employees and the general public that the headquarters building had been sold to the Government of Goa.
“The Mapusa Urban Cooperative Bank of Goa Ltd, under liquidation, headquarters building at Mapusa, ‘Nandadeep’, has been sold to the Government of Goa, which has given notice to vacate the premises immediately,” the notice stated.
Sawant clarified that no banking or liquidation-related business would be conducted from the Nandadeep premises henceforth.
“As written files and records have to be disposed of, no hard-copy records will be available with the bank. Only relevant computerised data will be available,” he stated.
He further informed that all future activities related to the liquidation process would be carried out from the bank’s Reis Magos branch, which will now function as the operational centre for matters concerning deposit settlements and other liquidation procedures.
The takeover of the Nandadeep building marks the end of an era for one of Goa's oldest urban cooperative banking institutions.
Established on December 9, 1965, MUCB was the first urban cooperative bank in North Goa and for decades enjoyed the trust of thousands of depositors, small traders and businessmen across the region.
However, the bank's fortunes declined over the years amid mounting financial difficulties and regulatory concerns.
In September 2020, the RBI cancelled MUCB's banking licence, citing inadequate capital and poor earning prospects. Simultaneously, the process of liquidating the bank was initiated to facilitate settlement of depositors' claims.
Although a substantial number of depositors have since received payments through the Deposit Insurance and Credit Guarantee Corporation (DICGC) mechanism and subsequent liquidation proceedings, several former depositors have continued to express concerns over delays in the settlement of remaining claims.
Some depositors claimed that the disbursement process has been progressing slowly and that a number of account holders are still awaiting recovery of their dues from the liquidation proceedings.
With the government now taking over the Nandadeep premises, another chapter closes in the history of a cooperative bank that once played a significant role in North Goa's banking sector before its eventual collapse and liquidation.
