MAPUSA: The shareholders suspect criminal intent on the part of Board of Directors (BoDs) of Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) in deciding to merge with the Punjab and Maharashtra Co-operative Bank Ltd (PMCB).
The shareholders claim that the BoD was aware that Reserve Bank of India would impose embargo on PMCB and yet it decided to merge with that bank.
“Therefore, there is a need for an enquiry into the decision making process of the BoD to merge with PMCB,” a shareholder Rajsingh Rane said.
On September 23, the RBI put restrictions on the Punjab and Maharasthra Co-operative Bank Limited on the withdrawals.
