In the background of PMC Bank debacle, urban co-operative banks are working overtime to keep the trust of people intact and one such case was spotted on Sunday when one of the leading UCBs- Shamravo Vitthal Co-operative (SVC) Bank issued a clarification.
Scotching rumours that SVC Bank is merging with the failed PMC Bank, the top management decided to take the bull by horns and issued clarification as well as a warning against those active spreading unfounded rumours.
In a notice the UCB which is rated high in terms of professionalism wrote “We have come across a rumour on Social Media Platforms about a merger between us and PMC Bank. We request everyone not to pay heed to such false and baseless statements. We are committed to protect the interests of our depositors, shareholders, and would take strong action against people spreading such rumours”.
It bears recall that SVC Bank is the third largest Urban Cooperative Bank- after Saraswat Bank and Cosmos Co-op Bank in India. It contributed a cheque of Rs 1.40 crore towards Cooperative Education Fund maintained by the apex body of Cooperatives National Cooperative Union of India (NCUI) recently.
The PMC bank scam has upset the ecosystem of co-operative banking in India. The matter has also assumed political overtones due to the Maharashtra election where BJP and Congress are crossing swords.