The first follow-up meeting for implementation of the Madhavpura Mercantile Cooperative Bank revival package, convened after the Centre and the Gujarat government cleared the package on June 20, 2001, will be held in Mumbai on Tuesday.
According to MLA and chairman of Ahmedabad District Cooperative Bank (ADCB), Amit Shah, who is also a member of the MMCB revival committee, the meeting would finalise the exact modalities and time-frame for releasing the Rs 464 crore from the Depository Insurance & Credit Guarantee Corporation (DICGC) as insurance claim to repay the deposits of up to Rs 1 lakh.
The meeting would be attended by senior officials of Reserve Bank of India, DICGC and Union ministry of finance as well the Central Registrar of Cooperative Societies (RCS), Gujarat RCS, etc. Amit Shah would represent the MMCB revival committee at this meeting.
Meanwhile, a new administrator H G Chhovala has taken over charge at MMCB following the resignation of the former administrator S Ramachandran. Chhovala is a retired additional registrar of the Gujarat Cooperative Department and he has earlier served as the administrator of Valsad District Cooperative Bank.