MARGAO
Government-appointed Liquidator for the Madgaum Urban Cooperative Bank (MUCB) SV Naik on Thursday assumed office, setting in motion the liquidation proceedings of the Margao-headquartered Cooperative Bank.
The Liquidator made his presence felt in the MUCB headquarters at Aquem on Thursday morning along with officials of Registrar of Cooperative Societies
The Liquidator occupied the cabin in the headquarters, which had all along been the chamber of the MUCB Chairman over the years, indicating that the bank has come in the hands of the liquidator.
Naik had an interaction with MUCB Managing Director Kishore Amonkar and perused some documents as he occupied the chamber.
Actual liquidation process will commence only when the Liquidator issues a public notice requesting the depositors to claim their deposits blocked in the bank.
Officials, however, said the stage of issuing the public notice will come only after the Deposit Insurance and Credit Guarantee Corporation (DICGC) conducts an audit of the financial status of the bank, whose banking license was cancelled by the RBI on July 29.
The MUCB has audited the accounts and in its data submitted to the RBI, has pointed out that about 99 per cent of the depositors will receive full amounts of their deposits from DIGGC.
Senior RBI officials have pointed out that on liquidation, every depositors would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs five lakh from the DICGC subject to the provisions of the GICGC Act, 1961.
Sources in the know say the Liquidator will work from both the Bank headquarters at Aquem and also from the Panjim branch. It’s not known whether the Liquidator will bring in new officials or staff to assist him in the liquidation process or will make do with the existing Bank officials and staff.
