Despite an extensive media coverage of City Cooperative Bank merging with the largest urban cooperative bank in the country Saraswat Bank, the latter’s young Chairman Gautam Thakur has maintained a studied silence.
A cautious cooperator who would like to bid his time rather than jump the gun, Thakur chose not to react when Indian Cooperative tried to know his take on the issue.
It bears recall that Shiv Sena MP Anandrao Adsul who recently met NCP supremo Sharad Pawar in Mumbai in connection with merging his bank City Cooperative Bank with Saraswat said “the meeting was also attended by Saraswat Bank chairman Gautam Thakur. “
But Thakur would neither confirm it nor deny it. Earlier, in the days of his late father Shri Eknath Thakur- there was a murmur about Pune based Rupee cooperative bank finding a suitor in the Saraswat Bank but this proved to be mere a speculation.
Readers would know that the Reserve Bank of India had placed the City Co-operative Bank under Directions through a notice dated April 17.
According to the Directions, depositors will be allowed to withdraw a sum not exceeding Rs one thousand of the total balance held in every saving or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions.
The City Co-operative Bank without prior approval in writing from the Reserve Bank, will also not be able to grant or renew any loans and advances, make any investment, incur any liability and be under several related restrictions, said the RBI note.
RBI has, however, clarified that the issue of the directions by the Reserve bank should not, per se, be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position looks up, it adds.
Shiv Sena MP Anandrao Adsul is the Chairman of the ailing UCB. Readers would know that Eknath Thakur, the late father of Gautam Thakur-the current Chairman was also a Rajya Sabha member from Shiv Sena.
Media quotes Adsul saying “I had sought appointment with Pawar to discuss the issue. He also called the chairman of Saraswat Bank to the meeting,” the Sena MP added. Adsul said he had been in talks with Saraswat Bank for the last three-four months, and both the banks were in touch with the RBI with a merger proposal. “I hope this issue is resolved by next week,” Adsul said.