the goan I network
MAPUSA
Stating that elections to choose the new Board of Directors of the Mapusa Urban Cooperative Bank (MUCB) will be held on schedule, Minister for Cooperation, Govind Gaude on Sunday said that there were some positive signs on the bank’s merger talks and a decision could be expected very soon.
“The talks of merging the Mapusa Urban Cooperative Bank with a stable bank are progressing quite well and we could expect a positive decision as early as within a week’s time,” Gaude said.
The Punjab and Maharashtra Coop Bank Ltd (PMC) had shown keen interest to take over the Mapusa cooperative bank.
In fact, the PMC had completed all the necessary formalities over due diligence and to access the valuation of the bank. But the talks were stuck on the list of requirements submitted by the PMC for the final takeover.
Besides PMC, talks are also on with two other banks, a source informed.
The minister of cooperation also said that there was no scope to appoint an administrator to look after the affairs of the bank as it was a multi-state cooperative bank.
“The election to appoint a new set of Board of Directors will take place as per the schedule. The government cannot interfere in the election process of the bank nor can it appoint an administrator due to its multi-state cooperative status,” he said.
It may be recalled a section of the shareholders had made a vociferous demand to appoint an administrator to oversee the election process of the bank.
The shareholders had recently also met Chief Minister, Pramod Sawant demanding his intervention on the issue.
The election to elect the new BoDs of the MUCB is scheduled to take place on September 14 at the head office at Mapusa.
The Chairman of MUCB, Gurudas Natekar had set the ball rolling on the bank’s election process by appointing Raghunath M Dessai as the Returning Officer around six months back.
The election was first scheduled to be held on March 23 but later postponed due to the parliamentary elections.
The MUCB’s finances came under strain after RBI imposed certain curbs on the financial transactions of bank first on July 24, 2015 which was later reviewed time to time after a period of every six months.
In its last order issued on August 18, the Apex bank has extended the curbs on the bank for another three months. Earlier in 2002 too RBI had imposed similar restrictions on the bank.
MUCB has 24 branches in the State besides the head office in Mapusa and 193 staff members in all. Besides, the bank has 1.19 lakh shareholders and 2.48 lakh depositors.
