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MMCB depositors get back Rs 15 cr Sunday, September 23, 2001

AHMEDABAD: Over the past five days since September 18 when the bank re-opened, Madhavpura Mercantile Co-operative Bank (MMCB) has disbursed Rs 15.37 crore to 31,525 small depositors.

On the first day, Rs 1.06 crore were disbursed to 5,525 depositors upto a maximum amount of Rs 5,000 per account. On September 19, Rs 3.75 crore were returned to 9,332 depositors and on September 20, Rs 1.78 crore were given to 5,350 depositors upto a limit of Rs 10,000 per account. On September 21, Rs 5.78 crore were returned to 7,318 depositors and on September 22, Rs 3 crore were given to 4,000 depositors upto a maximum of Rs 15,000 per account.

Bank officials said they wanted to inform the public at large not to panic and flood the bank as payments of upto Rs 1 lakh were insured by the Depositors Insurance and Credit Guarantee Corporation (DICGC). They wanted to re-assure the public that their deposits would be repaid, and that they should remain calm when they came to any of the banks branches.

According to bank officials, the largest number of depositors _ 1.25 lakh _ fall in the Rs 15,000 amount segment. MMCB officials said the schedule for the next re-payment bracket for upto Rs 20,000 per account will be taken on September 25 after viewing the crowds on coming Monday and Tuesday.

The bank will steadily increase the re-payment amount till the figure of Rs 1 lakh per account is reached. This might take upto a month. Re-payment of amounts of over Rs 1 lakh will be decided by the new board of directors, which has still to be put in place.

News Source : The Times of India [India's best Newspaper]

 

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