In a significant development for urban cooperative banking, the National Urban Cooperative Finance and Development Corporation (NUCFDC) now has its office at Sharada Sadan in Fort, Mumbai, the former premises of the now-defunct Apex Urban Co-operative Bank of Maharashtra and Goa Ltd., which had remained under liquidation for nearly 22 years.
The Apex Bank, a multi-state cooperative society, was placed under liquidation under the supervision of the Central Registrar of Cooperative Societies (CRCS), with the liquidator overseeing its assets and liabilities. Despite becoming defunct, the bank continued to hold valuable assets, including its premises at Sharada Sadan, along with substantial liquid funds.
The bank had around Rs 120 crore in liquid funds, of which approximately Rs 105 crore has been transferred to NUCFDC.
Rather than allowing these assets to remain locked in a decades-long liquidation process, they are now being put to productive use for the benefit of the urban cooperative banking sector, with the former premises and funds being made available to NUCFDC.
The NUCFDC office was formally inaugurated by Union Home and Cooperation Minister Amit Shah in Mumbai on August 8 during the ‘Sahkar Nav-Kranti’ programme.
The Apex Urban Cooperative Bank was founded by late Omprakash Deora, late Vasantrao Apte and Bapusaheb Pujari. The bank was later closed under regulatory provisions but retained valuable assets, which are now being utilised to support the cooperative banking sector through NUCFDC.
