The City Co-Operative Bank

As the Reserve Bank of India has shown its inability to consider the request submitted by Maharashtra State Co-operative Bank Ltd., to merge our Bank with them, the Board of Directors in its meeting held on 11th August 2021 has decided to explore the possibility of inviting from potential investors such as Financial Institutions, Banks, Non-Banking... Finance Companies (NBFCs), Micro Finance Institutions (MFIs), Resident Individuals, Professionals (singly or jointly), Companies, Societies, Trusts or any other such Entities, for Investment/Equity participation for reconstruction of our Bank and release an advertisement in the widely circulated English newspaper, inviting Expression of Interest (EOI) for investment/equity participation for reconstruction of our Bank, as envisaged and successfully done by PMC Bank. We have therefore released an advertisement in widely circulated The Economic Times of India today i.e. dt. 20/08/2021 inviting Expression of Interest (EOI), as mentioned above. Copy of said Advertisement, Proposal of EOI and requisite Non Disclosure Agreement (NDA) are attached herewith. The depositors have withdrawn to the extent of Rs.9444.13 lakhs from their accounts on Hardship Grounds from the date of All Inclusive Direction (AID) i.e. 18th April 2018 upto 30th June 2021. We have although recovered substantial amount of Rs.447.00 lakhs from the defaulters of the Bank during first quarter of F.Y. 2021-2022 i.e. April 2021 to June 2021, the recovery was not so encouraging due to pandemic. We have taken 11 properties of defaulters in our possession through legal proceedings and we expect to recover substantial amount of overdue. In some cases we did not receive positive response for base price, in auction, due to sluggish market condition and Covid-19 pandemic. By stopping increments and discontinuing payment of yearly Bonus / Ex-gratia, all allowances including Medical Allowance, , Leave Travel Assistance, etc. and by not recruiting staff members in place of 27 staff who have either resigned/ retired ...Read More