live streaming
Goa State Coop Bank to merge branches, 'retire' staff to reduce loss
08 Aug 2017 08:26 PM
The Goa State Cooperative Bank Limited has suffered a loss of around 68 crore rupees.The loss piled up because it waived interest of 30 crore rupees on loans taken by mining dependents.
To reduce the losses further, the apex bank if now planning to merge five of its branches and give VRS to 125 surplus staff.
Chairman of the bank Ulhas Phaldessai addressed media on Tuesday.
The breakdown of bank’s losses are as follows: 31.50 crore rupees loss on 56 crore rupees investment in IDBI bonds, granting rebate in loan repayment at the level of the arbitrator, OTS scheme, the sale of a mortgage, owned and acquired properties, etc.
Ulhas further informed that5 branches of the bank will be merged. the surplus 125 staff will be offered Voluntary retirement scheme
What do you feel
Click here
