Tuesday , 19 March 2019

Mapusa Urban Cooperative Bank shareholders to seek inquiry




A group of shareholders of the Mapusa Urban Cooperative Bank of Goa Ltd has decided to approach the office of Registrar of Cooperative Societies, Goa and Central Registrar of Cooperative Societies next week demanding inquiry into the financial standing of the bank and to recover losses from those responsible for the current

Hitting out at the chairman of the bank on Friday evening, a group of shareholders Rajsingh Rane, Yeshwant Gaundekar, Abhay Gaundekar, Kiran Shirodkar and Sandesh Naik addressing media persons, said, “Shareholders had demanded resignation of the board a year back during the last annual general meeting held last year but still the board continues and now they are offering to resign. They should resign and leave in the interest of the bank and then the bank will survive.”

Rane said, “This problem is created by the board and if they resign then the bank’s condition will improve. We demand investigation into the financial standing of the bank. Initially, the bank was started in interest of people of Mapusa and then it tasted success as branches were opened across the state however over a period due to vested interests, the bank’s financial condition worsened. We have supported the board on good initiatives and also raised issues which were not in interest of bank during AGM meetings.”

Rane also refused to accept the contention of passing the blame on the government and said, “Now a blame-game is going on stating that due to current government, the bank’s condition has deteriorated. An attempt is being made to pass the blame of their wrongdoing and wrong decision on to others.”

Commenting on the claims of chairman about assurances from Vinay Tendulkar over requesting the central government for assistance of Rs 100 crore share capital contribution in the bank, Rane said, “I spoke to him about the issue and Tendulkar said that two-three months back Khalap had met him and had informed him that the bank has sought central government’s help and then Tendulkar had directed them to meet local MP and if required then I will look into it but he has not promised anything.”

Another shareholder Paresh Raikar said, “It is question of existence of Mapusa Urban Bank and the bank staff. Board of directors has failed to run the bank successful, if they had worked in interest of the bank then things would have not been so bad. When they had realised that the bank position is not improving, the board should have resigned.”

Citing an example of a bank depositor, shareholder Kiran Shriodkar informed that a account holder had issued a cheque of Rs 5 lakh to a client and as the restriction is in force, now his cheque will bounce back and the question is from where he will pay as he only has an account in Mapusa Urban adding, “What is the fault of depositor. I feel the Reserve Bank of India should consider depositors’ condition also.”

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