Mapusa Urban Cooperative Bank in Goa has been under RBI embargo since 2015 and the matter is in court. A hearing on petition to lift the embargo is coming up this month end and the bank hopes to get a favorable reply, said Ramakant Khalap, former CM of Goa and a Director on the Board of the UCB.
Meanwhile, the UCB has sought permission from the Reserve Bank of India (RBI) to convert attached assets or properties worth over Rs. 60 crore into liquid to overcome its financial crisis, reports Times of India.
A knowledgeable source is quoted saying the bank would soon convene its annual general meeting (AGM) and discuss how to get the RBI sanctions lifted.
The bank has currently gross non-performing assets (GNPA) of Rs 25 crore. The bank’s accumulated losses are at Rs 55 crore.