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RBI
suggests change in Maharashtra bank board
Sunday May 08, 2011 08:41:24 AM,
IANS
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Mumbai: In a jolt to
the Maharashtra government, the Reserve Bank of India (RBI)
Saturday recommended the superession of the board of directors of
Maharashtra State Cooperative (MSC) Bank and appointed two
administrators to manage the bank's affairs.
The action came under Section 110-A of the Maharashtra State
Societies Act, 1960, following a negative net worth Rs.144.22
crore which came out in the bank's statutory audit for 2009-10.
Following suspected irregularities in the bank's functioning, the
RBI recommended to the state commissioner of cooperation and the
registrar of cooperatives to take action to supersede the MSC
Banks' board.
Accordingly, Agriculture and Marketing Principal Secretary S.K.
Goyal and Planning Secretary S. Shrivastava have been appointed
the new administrators of the apex cooperative bank in the state.
Speaking to newspersons here Saturday evening, Goyal assured the
people that "the financial condition of the MSC Bank is sound and
depositors need not have any concerns".
"The decision to appoint an administrative board is primarily
directed to further strengthen the financial position of the bank
and bring professionalism and transparency," Goyal said.
As on March 31, the bank's deposits stood at Rs.17,428 crore, of
which Rs.1,340 crore are lying in current and savings accounts.
The rest are lying under various types of fixed deposits.
Besides, the bank has invested another Rs.11,986 crore in
different government securities.
The bank also has a cash balance of Rs.1,350 crore, plus its own
fund of Rs.3,053 crore.
The net non-performing assets worked out to 7.5 percent, which is
not more than Rs.400 crore, Goyal said.
The bank is engaged in providing banking support to agriculture
and farming community.
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