MARGAO
It’s official. The total assets of the Madgaum Urban Cooperative Bank (MUCB) are pegged at around Rs 200 crore.
The total assets, pegged around Rs 200 crore, includes properties attached and yet to be attached by the bank.
In his affidavit filed in the High Court, MUCB Managing Director, Kishore Amonkar, has stated that the total assets of the bank are at Rs 200 crore, including properties attached and yet to be attached.
Of the total assets, Amonkar has stated that the liquid cash with the bank is around Rs 125 crore, while it is learned that the total deposits of the depositors with the bank presently stands at Rs 178 crore.
Sources say the bank will have to dispose of the assets to make provision for the payment of the total deposits as the liquid cash will be able to clear around Rs 125 crore.
Incidentally, the MUCB MD has brought to the notice of the court that depositors are covered by Deposit Insurance Credit Guarantee Corporation (DICGC) to the extent of Rs five lakh.
Sources in the MUCB informed that the writ petition filed by the beleaguered depositors will help the bank take certain decisions based on the court directions since the operation of the bank is now controlled by the Reserve Bank of India (RBI).
“When the depositors and shareholders were demanding the return of their deposits, we could not do so since the bank is barred by the RBI to return deposits above the Rs 30,000 ceiling. Since the matter has now come under the scanner of the High
Court, let the court issue the necessary directions and the bank will comply,” bank sources said.
