FIGURES AT TIME OF LIQUIDATION
- Total depositors “ 56635
- Total deposits “ Rs 189.81 cr
- Liquid cash available with bank -- Rs 122.32 cr
MARGAO
The October 31 deadline set by the Madgaum Urban Cooperative Bank Liquidator, giving the last opportunity for the depositors to claim deposits, has virtually gone abegging, throwing up a moot question “ why have the remaining 45,000-odd depositors still not turned up to claim their deposits running into crores of rupees.
Liquidator-appointed designated officer Kishore Amonkar informed that the last opportunity given to the depositors to file claims by October 31 has almost gone abegging, with hardly around 100-150 depositors out of around 45,000 depositors responding to the notice.
“The response has been poor. Hardly a few depositors, maybe around 150 have filed their claims as per the notice,” Amonkar told The Goan.
The liquidator had warned in the notice issued over a month ago that no claims shall be entertained beyond October 31, 2022.
Amonkar pointed out that the liquidator’s office has received claims within the Rs 5 lakh ceiling and above, adding that they are being sorted out for disbursement of the deposits.
While the notice issued by the liquidator was categorical in stating that no more claims will be entertained by his office beyond October 2022, sources in the know informed that the office may accept the claims in the future, but there’s no guarantee over the payment of deposits once the office disposes of the existing claims with the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The crucial questions, however, remain unanswered “ the whereabouts of the remaining depositors, a whopping 45,000 to be precise and why they have not claimed their deposits running into crores of rupees?
One reason, sources said, could be that the amount lying in the deposits is too meagre, not attractive enough for the depositors to rush to the bank to withdraw the amount. Another reason, sources pointed out could be that the depositors are staying abroad and have probably ignored to claim the meagre deposits, considering the huge travelling expenses involved in returning home.
The liquidator-appointed designated officer conceded that it is surprising that thousands of MUCB depositors have stayed away from claiming their deposits.
Amonkar pointed out that of the total 56,635 depositors, hardly around 10,000 have staked claimed their deposits.
“We are still in the process of compiling the statistics, but it is a fact that around 45,000 depositors have still not filed their claims to date,” he said.
He added: “The liquidator's office has so far settled around 10,000 claims, returning deposits to the tune of Rs 120 crore to the depositors. Initially, the bank has disposed of the claims in respect of deposits up to a ceiling of Rs 5 lakh which has been insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).”
Liquidation of the Madgaum Urban Cooperative Bank (MUCB) was set in motion on July 27, 2021, when the Reserve Bank of India cancelled the banking licence, upon which the Registrar of Cooperative Societies appointed the liquidator S V Naik to proceed with the liquidation of the bank.
The first notice was issued by the liquidator vide Public Notice dated August 31, 2021, wherein the liquidator had called on all depositors to submit their claims on or before October 31, 2021. In response to the notice, around 10,000 depositors had filed their claims and claims below the Rs 5 lakh ceiling were being settled since January this year.
Liquidator has task cut out to settle around 600 whose deposits are pegged at R30 cr
THE GOAN NETWORK
MARGAO
The liquidator appointed to liquidate the Madgaum Urban Cooperative Bank (MUCB) has a task cut out “ how to go about the work of settling the claims of the 600-odd depositors, whose total deposits with the MUCB are pegged at around Rs 30-odd crore.
With the bank now expected to settle the latest claims received by the liquidator's office till Monday as per the October 31 deadline, the MUCB will come under sharp focus on how the liquidator will settle the claims of the 600-odd depositors.
For, the liquidator will have to decide whether the office will start settling the claims after disposing of the bank assets, pegged at around Rs 20 crore, or initiate the process to dispose of claims with the deposits at its disposal.
Sources said the liquidator will decide whether to settle these depositors proportionately with the available funds or wait till the bank assets are successfully disposed of.
