the goan I network
MAPUSA
Accepting that the cancellation of bank licence was an “unexpected” blow, the management of The Mapusa Urban Cooperation Bank has assured the depositors that their monies in the bank were safe and there was no reason for panic.
“The order of cancellation of licence during the lockdown was an unexpected blow. The bank hoped that similar measures taken in the case of Yes Bank and PMC Bank would be taken in the case of MUCB as well,” a press note signed by General Manager, Shailendra Sawant said.
“The bank had also been pursuing efforts to obtain share capital contribution from government of Goa/GoI against their valuable assets,” it added.
Coming out with the financial position of the bank, the management said the bank has total deposits running to Rs 354.97 crore, while balance with other banks was Rs 33.55 crore.
Similarly, it said investment in government securities totalled Rs 201.90 crore, while non-banking assets ran to Rs 13.40 crore.Besides, own banking assets (book value) was at Rs 18.28 crore and own banking assets (market value) was Rs 73.57 crore.
The advances have been pegged at Rs 50.92 crore and deposits insurance cover up to Rs 5 lakh stood at Rs 282.76 crore.Besides, total surplus with the bank was Rs 245.84 crore.
“Considering the financial position of the bank, the RBI is expected to put in place measures to pay the depositors their money as expeditiously as possible,” the general manager said.
