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August 30, 2001
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Money > Business Headlines > Report August 30, 2001 |
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MMCB to have 11-member board soonBS Regional Bureau An 11-member board of management will soon replace the current administrator at Madhavpura Mercantile Co-operative Bank, the Gujarat cooperation minister Ramanlal Vora said on Wednesday. The board, with the consent of the Central registrar of co-operative societies as well as the new chief executive officer, would appoint an experienced senior banker to manage the day-today affairs of the bank. After this appointment, the CEO would file a claim before the Deposit Insurance and Credit Guarantee Corporation. Once the settlement of this claim is sanctioned and disbursed by DICGC, depositors would be paid back their deposits. The state government is striving to expedite this process, the minister claimed. He further said that as on March 31, 2001 MMCB had a net loss of Rs 10.30 billion as per its unaudited financial results. To commence day-to-day functioning it requires Rs 12.64 billion. The minister also said that the Reserve Bank of India may consider relaxing certain provisions of its credit policy to enable the urban co-operative banks to keep deposits with MMCB. The central bank may also consider exempting them from the requisite penalties in case they fail to maintain the prescribed SLR and cash reserve ratio. Powered by YOU MAY ALSO WANT TO READ:
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