TUESDAY, MAY 21, 2024
Team Herald
MARGAO: Madgaum Urban Co-operative Bank (MUCB) has begun to release the deposits of nearly 10,000 depositors, and significantly they have even completed the process of two branches namely Ponda and Margao.
Belongings from the unclaimed lockers have also been shifted to the main branch.
The MUCB has closed all the nine branches located in the State with effect from April 1. And at the same time, the services of all 58 staff were also terminated. The branches shut down include Margao, Sanguem, Old Market (Margao), Curtorim, Benaulim, Panjim, St Andre (Goa Velha), Aquem Alto (Margao) and Ponda.
It is pertinent to note that the banking licence of the Madgaum Urban Co-Operative Bank Ltd was cancelled vide Reserve Bank of India (RBI) order date July 27, 2021. Consequently, upon request from the RBI, the Registrar of Co-Operative Societies, Government of Goa has appointed S V Naik as the liquidator for the bank for commencement of winding up the business of the bank.
In the month of February-March, the bank had issued a notice to 250-odd locker holders to surrender the lockers and take custody of their valuables.
The bank had warned that the locker holders who do not surrender their lockers run the risk of their lockers being forcefully opened.
It may be recalled that the bank had earlier issued registered notices to the customers who availed of the locker facility, and who had failed to surrender them by September-end.
As part of the liquidation proceedings, the customers were also given two months to file their claims for the deposits and clear all outstanding dues.
Speaking to Herald, Kishor Amonkar, managing director of the MUCB said that they have already completed the process of releasing the deposits of Ponda and Margao branch depositors.
"Nearly 700 depositors from Ponda and 2000-odd depositors of Margao branch had claimed for their deposits. Many have already received their money. Nearly 900 depositors from Sanguem branch will receive their deposits in the next couple of days, as the process to complete release of the deposits is almost done with,” said Amonkar.
He also said that many have not surrendered their lockers, and hence all the belongings have been shifted to the main branch after the unclaimed lockers were opened. As per the insurance cover, up to Rs 5 lakh will be paid, and amount above will be paid by the liquidator.
Amonkar said that the due amount to be paid is above Rs 120 crore, and out of 56, 000, around 10, 000 depositors have claimed for their deposits.
“The recovery will be done as per the procedure laid down by the RBI,” he added.
