the goan I network
MARGAO
Madgaon Urban Cooperative Bank (MUCB) senior officials on Tuesday said the plan for merger of the bank with the Punjab and Maharashtra Cooperative Bank is hopefully on the right track, but
hastened to add that it may take some time to get the move crystallised considering the tedious nature of bank mergers.
MUCB Managing Director Kishore Amonkar told The Goan on Tuesday that after discussions with PMCB officials on a host of issues, the latter has now asked MUCB to synchronise the employees service conditions.
In this respect, MUCB Employees Union will later this week deliberate on the synchronisation of the service conditions with conditions laid down by PMCB conditions. If the PMCB’s conditions on synchronisation finds favour with the MUCB employees, it will culminate in the signing of MoU between the MUCB management and the employees union, he said.
Amonkar pointed out that the merger had to be then ratified by the MUCB general body, paving the way for the signing of a MoU between MUCB and PMCB.
That’s not all. Amonkar further said the proposal will then be formally forwarded to the merger committee of the Reserve Bank of India for approval. If approved, the RBI will then gradually relax the sanctions presently imposed on the MUCB.
