Goa: Mapusa Urban Bank to auction 56 shops to recover money

The bank has decided to auction a total of 56 shops – 30 shops grouped in 12 lots and 26 individual shops – at the Esar Trade Centre in Mapusa.

THE GOAN NETWORKUpdated: Tuesday, August 23, 2022, 03:59 PM IST
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Goa: Mapusa Urban Bank to auction 56 shops to recover money |

The Mapusa Urban Cooperative Bank (MUCB) which is under liquidation hopes to raise funds by selling some assets over the next couple of months.

The bank has decided to auction a total of 56 shops – 30 shops grouped in 12 lots and 26 individual shops – at the Esar Trade Centre in Mapusa.

“We are selling the properties belonging to the bank in order to recover money. We have already sold some shops earlier. This is the third auction,” said Anthony de Sa, liquidator of MUCB.

The liquidator, however, was not ready to specify how much money the bank was planning to raise by selling the shops as that would influence the auction process.

“I cannot give a figure but we are hoping for the best amount,” he said.

The MUCB has been under liquidation since April 16, 2020 when the RBI had cancelled its banking licence and soon thereafter the process to settle depositors claim started.

According to the liquidator, 99.9 percent of the depositors who have applied have been cleared and so far claims of Rs 250 core have been settled.

“The 0.1 percent that is remaining pending is because of some mistakes…Some have not produced the original FDR (fixed deposit receipt) and Aadhar card details…They are hardly 200 to 300 people. But we have paid 35,000 people up to Rs 5 lakh threshold,” De Sa said.

He said out of the 2,400 loans owed to the bank around 1,500 loans have been recovered while 900 were still remaining.

“We are going to auction some more properties. We have to auction all the properties and we have to also recover the loans,” he said.

This news is reported by The Goan. To read more GOA news visit The Goan

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