MAPUSA
Renewed attempts to "demote" the Mapusa Urban Coop Bank of Goa Ltd (MUCB) into a credit society has sparked off protests and a section of shareholders are planning to confront the Board of Directors at the bank's annual general body meeting on Friday.
Taking the lead to preempt the move to "demote" the bank, Rajsingh Rane said the decision to convert the bank into a credit society was opposed by the AGM but the minutes were manipulated later. "We had objected to the decision to reduce the status of the bank into a credit society and had requested to call for special AGM to discuss the issue," Rane said.
"Instead of upgrading an organization, the BoDs appear to be taking a regressive step by relegating the bank into a society," he added.
The MUCB chairman, Gurudas Natekar said a resolution to convert the bank into a credit society was passed in the last AGM and it was just a matter of following the direction of the apex bank.
Elaborating further, he said the RBI had given the bank the options of merging with some other banks or to form a credit society.
"We were ready to amalgamate with other banks. At least six to seven banks were approached, but we did not get a good response," Natekar said. Countering the chairman's claim, Rane said RBI had asked MUCB to explore the options of merging the bank with other banks to tide over its financial problems.
"The chairman and the BoDs are trying to hoodwink the members by forcing their one-point agenda of reducing the bank into a credit society," he said.
Rajsingh Rane and Paresh Raikar have appealed to all the shareholders to attend the AGM on Friday to oppose the BoD's decision to convert the bank into a credit society.
MUCB union warns of striking work
MAPUSA: In another development, the employees union of the Mapusa Urban Coop Bank of Goa Ltd (MUCB) has warned the management that if it goes ahead with its plan of converting the bank into a credit society, it will bring the functioning of the bank to a halt.
Sources informed The Goan that the bank employees union recently served a notice to the chairman stating that if the bank takes any decision which is detrimental to the workers, it will immediately strike work.
"We are against the decision of reducing the bank's status into a credit society. If the bank does so, the next day we will go on strike," a member of the union said.
