‘Phase 1 of liquidation process of Mapusa urban bank completed’

NT NETWORK

Mapusa

Stating that 90 per cent of eligible claims have been settled, the liquidator of Mapusa Urban Co-operative Bank of Goa Ltd (Mapusa urban  bank) Anthony De Sa said that phase I of liquidation process has been completed, and release orders amounting to Rs 220 crore have been  issued.

The bank also announced a One Time Settlement (OTS) scheme for loan defaulters,  and applications are invited from July 1 to July 31.

De Sa, on Wednesday, announced that about twenty – nine thousand depositors whose claims, up to the insured amount of five lakh rupees, which were approved by the DICGC of the RBI, have been processed by the bank for payment and release orders amounting to Rs 220 crore were issued in last three months.

“I’m happy to say that the money has been deposited in the accounts of eligible people. In case any such person who is eligible for return of an amount of up to Rs 5 lakh does not receive it within a week, then he should make an application to us so that we can check it up,” he said.

The bank will now commence phase II of liquidation wherein the bank shall try to reconcile the information of those depositors whose KYC details were not updated or whose claims for some reason were rejected by the DICGC.

“We can confidently say that more than 90 per cent of the eligible claim amount has been settled,” said the liquidator in a press note issued here, further informing that the return of the balance amount over Rs 5 lakh, if any, in accounts, could be addressed only at the conclusion of the liquidation process, after all amounts due to the bank had been recovered.

“During April last year, there were 2,464 loan accounts, out of which 952 such accounts have been fully recovered during the past few months. However, 1512 loan accounts still remains outstanding. Hence the bank has come up with a one-time settlement (OTS) scheme, in which partial compound interest and penalty waivers have been offered if the defaulting loanee settles the outstanding amount in a lump sum.”

The liquidator has urged all defaulting loanees to take advantage of the OTS.

“Legal action will be taken against those who ignore the repayment, as they would be depriving the depositors from getting their full amounts,” he added.

The post ‘Phase 1 of liquidation process of Mapusa urban bank completed’ appeared first on The Navhind Times.