the goan I network
MAPUSA
The Reserve Bank of India (RBI) has extended the ongoing embargo on Mapusa Urban Cooperative Bank (MUCB) for another six months, but allowed relaxation on withdrawal of amount.
The RBI has allowed withdrawal limit of up to Rs 50,000 from the time the embargo was imposed on the bank.
“The RBI has allowed a customer to withdraw maximum Rs 50,000 from July 24, 2015 onwards, when the embargo came to play. So if a customer has withdrawn Rs 30,000 till today, he will be able to withdraw another Rs 20,000 capping the Rs 50,000 target,” said Shailendra Sawant, General Manager of MUCB.
He also disclosed that the Apex Bank has extended that embargo on MUCB for another six months, up to August 19.
According to the earlier RBI order, only Rs 1,000 could be withdrawn by a depositor from saving or current account. Further if the depositor was having a liability to the bank than the amount would have to be first adjusted to the relevant borrowed account.
It may be recalled RBI had imposed certain curbs on the financial transactions of MUCB first on July 24, 2015, which was later reviewed time to time after a period of every six months.
Under the Sec 35A of the Banking Regulation Act, 1949, the central bank has directed MUCB not to grant or renew any loans and advances, make any investment or accept fresh deposits without prior approval.
of the RBI.
Earlier in 2002 too RBI had imposed similar restrictions on the bank.
PMC gives in-principle nod to
merger with MUCB
MAPUSA: The Mapusa Urban Cooperative Bank (MUCB) General Manager Shailendra Sawant said talks were on to merge the MUCB with Punjab and Maharashtra Cooperative Bank Ltd (PMC).
“The PMC has in principle agreed to the merger talks and their officials are presently examining the books and valuation of MUCB,” Sawant said.
“At least 12 auditors of PMC are examining the records of the bank which is expected to continue for next 10 days,” he added.
