Raising concern over the crisis situation the bank is presently in, shareholders of the Mapusa Urban Co-operative Bank on Saturday decided to approach the Reserve Bank of India (RBI) on priority basis for requesting it to relax the restrictions laid down so that the depositors can withdraw money for the Ganesh Chaturthi festival.
The shareholders also demanded appointment of an administrator to resolve the crisis and registration of a First Information Report (FIR) against those responsible for the bank’s present condition.
On Saturday evening, a meeting of shareholders, depositors, staff and well-wishers of the bank was organised at the head office in Mapusa. The meeting was presided over by a group of shareholders including Rajsingh Rane, Paresh Naik, Kiran Shirodkar, Yeshwant Gaundekar and Abhay Gaundekar. The meeting was also attended by general manager Shailendra Sawant.
During the meeting various issues pertaining to the bank were discussed wherein shareholders raised concern over the future of the bank. The shareholders unanimously opined that the bank should be brought on track with support of the government. The shareholders also expressed anger over the current status of the bank and demanded action against the board of directors. Some depositors demanded that the RBI should be approached on priority so that relaxations can be worked out for depositors allowing them to withdraw money, as Ganesh Chaturthi is approaching.
Shareholders claimed that some of the directors had withdrawn huge amount of money from their accounts despite the imposition of embargo by the RBI.
Addressing the meeting, Rane alleged that “after 2005, the board of directors had allowed settlement of loan amount running into crores of rupees under one-time settlement. As a result, the interest was not received and then the same people were granted loans as a result of which the bank suffered.”
Another shareholder Gaundekar said, “A retired judge or CBI should conduct an inquiry into the alleged illegalities by the board of directors.”
“The first thing we must do is to withdraw the multi-state bank status so that the state government can step in to help the bank and appoint an administrator, as the bank is currently under the central registrar. Secondly, the board of directors should be made accountable,” said Sanjay Walawalkar.
Questioning this suggestion of withdrawing the multi-state bank status, Shyamsunder Manohar said, “The bank has granted loans to people outside the state and we need to know the exact figure because if status is withdrawn, then recovery will not be easy. Hence, we need to take legal advice on the withdrawal of the multi-state status.”
Another shareholder Shashikant Kandolkar said, “We need to file a police complaint on behalf of the shareholders and also demand that the bank accounts of directors should be freezed immediately and property should be attached.”
Kiran Shirodkar said, “The future of around 200 bank staff is at stake following crisis in the bank. Depositors will get their money but what will be the fate of staff? We all have to work to bring the bank out of this crisis situation.”
During the meeting, it was also announced that the annual general body meeting of shareholders will be held on September 29 and shareholders were requested to submit their suggestions in writing to the general manager.