Tamil Nadu - Madurai   

Revival of coop. bank sought

By Our Staff Reporter

MADURAI, FEB.8. Members of the All India Bank Employees Association and the Cooperative Bank Employees Union staged a demonstration here today, demanding the revival of the Madurai Urban Cooperative Bank.

Claiming that the closure of the MUCB, which had functioned during the last 98 years, had adversely affected the depositors and denied employment opportunities to the workers, the members said the bank had once rendered service to the people and was able to meet the expectations of the people.

The bank's deposits alone accounted to Rs.46 crores and it operated from its own building that had a market value of Rs.10 crores. Financial assistance amounting to Rs.37 crores was disbursed through the bank to several persons and the bank employees struggled hard and helped the bank authorities to realise Rs.12 crores of the loan amount within 10 months.

The MUCB possessed a reserve fund of Rs.3.5 crores and it should get an interest of Rs.16 crores from the depositors. This apart, the depositors ought to be paid an interest of Rs.7 crores.

The members sought the authorities to initiate appropriate action and recover the loans immediately. Claiming that the MUCB could be revived, if the State Government and the Registrar of Cooperatives took favourable steps, the members said the bank should be revived in the interest of the depositors and the nearly 200 employees of the bank, who had been going without salary for the past 18 months.

The employees underwent harsh conditions as a result and demanded that they be given job protection.

S. Hari, president of the Madurai Ramanathapuram District Bank Employees Association, presided over the demonstration.

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