MARGAO: The 48th annual general body meeting of The Madgaum Urban Co-operative Bank Ltd is convened on Saturday, December 26.
This meeting becomes important as the merger plans of the bank have failed and is under the liquidation stage with losses crossing Rs 63 crores.
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The AGM will be held at 10 am at Gomantak Bhandari Samaj Hall, next to Child Care School, Pajifond, here, to consider the following business.
The bank is under liquidation stage, as the process of merger of the bank is collapsed and has shown around Rs 63 crores in loss as the bank has been put under restrictions since August 2020 and no business is transacted ever since.
The depositors have been urged to attend the meeting to know the present situation of the bank. Accept for the deposits upto Rs 5 lakh all other above the insured limit are now under the dark cloud as the bank is losing its capacity to pay back the depositors by every passing day.
