PORVORIM: The Goa State Co-operative Bank Ltd (GSCBL), which is reeling under severe cash crunch, is expected to get an administrator to manage its functioning. Chief Minister Manohar Parrikar told the State Legislative Assembly on Friday the Bank is in need of an administrator who will be an expert in financial sector.
“The Board of Directors has offered to resign. We have to appoint an administrator who is an expert in financial sector for five years to run the bank; only then the GSCBL will survive,” he told the House during the Question Hour on Friday.
Parikar, also Minister for Co-operation revealed that GSCBL has been in precarious financial situation as it is facing Rs 120 crore capital inadequacies.
“We conducted an independent audit and found Rs 120 capital inadequacy. In view of this, we discussed with NABARD and it agreed to give a loan,” he explained while replying to a question tabled by Congress MLA Aleixo Reginaldo Lourenco on the expenditure incurred on the salary of managing director of the Bank.
