the goan I network
MAPUSA
After deciding to merge the Mapusa Urban Cooperative Bank (MUCB) with Punjab and Maharashtra Coop Bank Ltd (PMC) and deferring its election for new board of directors, the MUCB has now decided to hold a special general body meeting on September 21.
Subsequently, the annual general body meeting will be held a week later, on September 28.
“We will hold the special general body meeting on September 21 to endorse the decision of the board to merge the Mapusa bank with PMC. The annual general body will be held on September 28,” said Gurudas Natekar, Chairman of MUCB.
In a swift and significant move, the MUCB board of directors met late Tuesday evening and passed a resolution to merge the bank with PMC.
The board had also decided to call a special general body to ratify the merger decision while postponing the election for the new BoDs, which was scheduled for September 14.
The decision has come at the backdrop of the meeting held at the residence of Chief Minister Pramod Sawant who took the initiative to felicitate the merger of the bank.
Earlier while speaking to The Goan, Minister for Corporation Govind Gaude had dropped enough hints that a decision on the merger of the bank would happen within a week. It may be recalled after RBI imposed certain curbs on the financial transactions of MUCB the bank’s finances came under strain.
In its latest order issued on August 18, the Apex bank has extended the curbs on the bank for another three months.
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.
