Mapusa coop bank merger talks end on positive note
11th September 2019, 02:58 Hrs
the goan I network
Nothing concrete emerged from talks of merger between Mapusa Urban Cooperative Bank (MUCB) and the Punjab and Maharashtra Coop Bank Ltd (PMC) brokered by Chief Minister Pramod Sawant, but it concluded with a dash of hope.
One of the outcomes of the meeting was that the MUCB was directed to immediately call a meeting of its Board of Directors to approve the merger bid with PMC bank.
This decision will also have to be passed by the general body in quick time.
Another similar review meeting is expected to be held after September 15.
The meeting to discuss the merger was held at the official residence of the chief minister along with the State Chief Secretary Parimal Rai, Regional Manager of RBI, Registrar of Cooperatives Menino D’Souza and other officials on Monday evening.
MUCB Chairman Gurudas Natekar, founder chairman Ramakant Khalap, a couple of other directors, bank’s general manager Shailendra Sawant and office bearers of the employees’ union were also present at the meeting. The PMC bank was
represented by its general manager HK Karanth and his associates.
Minister for Cooperation Govind Gaude was also at the meeting.
Sources informed that issues relating to human resources were turning out to be a major hurdle in the merger bid.
The staff liability of MUCB has been pegged as Rs 92 crore, but the PMC bank wants to settle the same within Rs 30 crore.
Sources said the MUCB employees union agreed to forgo Rs 40 crore but rejected PMC’s demand to settle the staff issue within Rs 30 crore.
“At least the legal dues the staff is entitled to need to be paid to them,” a sources from the employees union said.
Various stakeholders of MUCB admitted that merger was the only alternative and commended the efforts taken by the chief minister for the bank’s survival.
“The CM is quite positive and interested in the stakeholders. He showed keen interest in safeguarding the interest of the staff and everyone who is associated with it. That is a very positive sign,” said director and founder chairman Ramakant Khalap.
He said the meeting was very fruitful and more steps will be taken to take the merger bid forward.
“Finally interest of depositors, shareholders and the staff are paramount and the cooperative movement has to be sustained. The management is happy with the action taken by the CM,” Khalap said.
MUCB Chairman Gurudas Natekar refused to take calls on his cell phone.
... BUT NOT WITHOUT
Sources informed that issues relating to human resources were turning out to be a major hurdle in the merger bid
The staff liability of MUCB has been pegged as Rs 92 crore, but the PMC bank wants to settle the same within Rs 30 crore
MUCB employees union agreed to forgo Rs 40 crore but rejected PMC’s demand to settle the staff issue within Rs 30 crore.