the goan I network
MAPUSA
With the ruling out of merger with Punjab and Maharashtra Coop Bank (PMC) and time running out, the Mapusa Urban Cooperative Bank (MUCB) has now knocked the doors of the Thane Janata Sahakari Bank (TJSB).
The General Manager of MUCB, Shailendra Sawant informed that he has written to the chairman of the TJSB with a request to take the merger discussion forward.
“We have written to TJSB on Tuesday as soon as we received the information about the embargo imposed on the PMC bank,” Sawant said.
He said that TJSB had shown interest in taking over the MUCB and in fact two of its officers had already visited the Mapusa bank some time ago.
“TJSB is a strong bank and we expect a positive decision very soon,” the GM said.
The discussion and final resolution of merger has to happen in quick time as there was little over one and half month period for the RBI embargo on MUCB to end.
“We don’t have much time at our disposal. The RBI had given us three-month extension which ends on November 18. We need to arrive at a solution before that,” Sawant said.
Talks with PMC bank had made considerable progress and MUCB was hoping to merge with it, as Chief Minister Pramod Sawant had also initiated steps to speed up the process.
Acting swiftly, the MUCB had convened a special general body meeting on September 21 and unanimously passed a resolution of approving the proposal for the merger with PMC bank.
The Tuesday’s announcement of RBI restrictions on the PMC bank, however, poured cold water on the proposal with MUCB having to abandon the plan.
