PANJIM: With Reserve Bank of India (RBI) cancelling the banking licence of Mapusa Urban Cooperative Bank (MUCB) on Thursday, the bank has issued an unsigned, but stamped, “letter of appeal” to its customers.
Citing its financial position, the bank assures all its depositors that their money in the bank is safe and that there is no reason to panic.
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As far as financial position of the bank is concerned, it states that MUCB’s total deposits are Rs 347.97 crore and balance with other banks stands at Rs 33.55 crore. The bank’s investment in government securities is estimated at Rs 201.90 crore. The letter also mentions that it owns banking assets (book value) at Rs 18.28 crore with a market value of Rs 73.57 crore.
The bank also claims in its letter of appeal that it has non-banking assets of Rs 13.40 crore and advances of Rs 50.92 crore. The bank also has deposits in the insurance cover up to Rs 5 lakh scheme, which amounts to Rs 282.76 crore and a surplus of Rs 245.84 crore.
Through the letter, the bank has called upon the State government and RBI, and expects that the latter should now put in place measures to pay the depositors their money as expeditiously as possible.
In the past the bank’s management had met the Chief Minister and Union Minister Shripad Naik with their proposals to secure the share capital to the bank from the Government of India on the lines of Capital Infusion Scheme of GoI to Public Sector Banks. “The management therefore urges the Government of Goa and the Reserve Bank of India to work in tandem for an early solution,” the letter adds.
