RBI asks revival plan for Madgaum Urban Cooperative Bank

 Heated arguments prevailed at the special general body meeting of the bank held   on1 Sunday. Reserve Bank of India has asked for a revival plan before the 8^th of October.

 A number of borrowers have defaulted in repaying their loans. There was a demand at the meeting that defaulters names be published in newspapers.

If  no CBI inquiry is conducted , the shareholders asked the Registrar of Cooperative societies to take action.

 A former chairman of the bank demanded that defaulters’ names should be published in newspapers. He said the shareholders have given approval for the revival plan.

 The chairman has however denied that proper procedures were not followed while extending credit to borrowers.

 Some barge owners had borrowed from the bank. They made their presence felt at the meeting.

They expressed their willingness to pay up their loans provided the bank gives  them concession as given by nationalized banks.