Meet to finalise MMCB revival

The member of Madhavpura Mercantile Cooperative Bank revival committee and representatives of cooperative bands are scheduled to meet on January 5 to give final shape to the plan of investing Rs 800 crores to revive the bank.

According to sources three cooperative banks had decided to contribute Rs 200 crores for the revival of the bank at a meeting of the subcommittee of cooperative banks, which was held recently.

It may be recalled that the state government has set up 14 cooperative banks' committee to save the beleaguered MMCB.

As of now, the Gujarat State Cooperative Bank has committed Rs 100 crores, the Ahmedabad District Cooperative Bank has provided Rs 50 crores and the Rajkot Nagrik Bank has given Rs 50 crores for the revival of MMCB in the interest of its depositors.

However, a collection of Rs 800 crores is crucial and the meeting scheduled on January 5 will be significant in deciding the course of revival plan of Madhavpura bank.

Republished from The Asian Age