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May 18, 2001
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Money > Business Headlines > Report May 18, 2001 |
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Revival report for MMCB to be presented on May 19The committee for preparing the report for the revival of crisis-ridden Madhavpura Mercantile Co-operative Bank has prepared the revival report and is expected to present it to the Gujarat government on Saturday. The chairman of Ahmedabad District Co-operative Bank, Amit Shah, said that the report proposed that the co-operative banks in the state would provide Rs 7 billion for the revival of the MMCB against the government's guarantee for their money. He also said that the report also suggested that the small depositors should be given their deposits, which had been covered under depository insurance scheme. This sum, which amounted to around Rs 4 billion, will be paid without going for the liquidation of the bank The report had advocated strict measures for the functioning of the bank including its financial restructuring. According to the report, a new board of directors should take over the management of the bank for smooth functioning and smaller branches of the MMCB should be merged as a cost-cutting measure. UNI
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