A crucial meeting of Goa State Co-op Bank Board is slated today. The bank has now called for a board meeting of all directors on Tuesday, November 8, to take a decision on the issue of Govt order to reduce its Board strength.
The decision will then be put before a special body meeting on November 27, a bank source said.
With a view to achieving the twin goals of bifurcating it from Daman and Diu operations and improving its financial conditions, the Goa State Cooperative Bank has been asked to reduce the strength of its board, reports Times of India.
The registrar of societies recently issued a note to the bank in this connection.
Sources say tempers frayed when the issue was raised during the general body meeting of the multi-state cooperative bank. A board meeting of all directors will soon be held to take a decision, sources add.
Experts say the Goa state cooperative bank requires at least 20-30 crore to shore up its share capital in the event of bifurcation.