MARGAO
Former senior government officer, SV Naik, will assume office as the liquidator of the Madgaum Urban Cooperative Bank (MUCB) on Thursday.
The appointment of Naik as the Liquidator of the bank has been communicated to the MUCB Managing Director Kishore Narvekar by the Registrar of Goa State Cooperative Societies. He is likely to assume office at the MUCB headquarters, Margao on Thursday.
The Liquidator has a clear task on hand as he will have to arrange money to pay the depositors and to dispose of the assets of the bank and recover dues from the defaulters.
Naik will have to decide whether he would require services of the existing bank employees to assist him in the liquidation process. The bank employees have also not received their salaries of the month of July.
The equation before the MUCB liquidator is simple. Madgaum Urban Cooperative Bank’s total deposits as on July 29, the day Reserve Bank of India cancelled the banking license, stands at Rs 189.81 crore, while the liquid cash available with the Bank as on the same date is pegged at Rs 122.32 crore.
The bank’s total depositors are pegged around 56635 depositors, with total deposits put at a whopping Rs 189.81 crore. The bank, however, has held that 99 perc cent of the total depositors, around 55,999 depositors to be precise, whose deposits does not exceed the Rs five lakh figure, will get their deposits backs under the deposit insurance claim amount on deposits up to a monetary ceiling of Rs five lakhs from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The task before the Liquidator is to arrange the funds to pay to the balance one per cent of the depositors, around balance 636 depositors with deposits exceeding Rs five lakh. In fact, MUCB sources said the Liquidator’s task will be to mobilize the balance Rs 67.49 crore and clear all the depositors by returning their hard earned money.
