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Prospects of avoiding liquidation seems remote Monday, April 9, 2001

AHMEDABAD: With the state government, the RBI and Gujarat State Urban Cooperative Banks Federation passing the buck on each other on the revival package, the fate of the Madhavpura Mercantile Cooperative Bank hangs in balance after almost one month of appointment of an administrator in the bank. With over Rs 1000 crore lost forever in Dalal Street, no private party or combination of parties can think of taking over MMCB and turning it around. Madhavpura may have kicked up quite a dust as it collapsed, being the second largest co-operative bank in the state, but financial markets of Gujarat are strewn with epitaphs of several such banks, many of whom went down without a whimper.

 

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