Liquidator appointed for Sunav Bank

Yet another co-operative bank in Gujarat is set to shut down as the state government has appointed a liquidator for the Sunav Nagarik Sahakari Bank Ltd in Petlad taluka, Anand.

The state registrar of co-operatives has appointed B K Hingu, special auditor for Anand, as the liquidator of Sunav Nagarik Sahakari Bank.

Sunav Bank is the fourth co-operative bank in Anand district and the second in one month to get liquidated.

Earlier, the Charotar Nagarik Sahakari Bank (CNSB), promoted by former BJP MP Dipak Saathi, Umreth Co-operative of Bank (UCB) and Petlad Commercial Co-operative Bank (PCCB) have gone bust in Anand.

The market is also rift with rumours that the Petlad Nagarik Sahakari Bank may soon find its way for liquidation.

The Sunav Bank had shown a loss of around Rs 1.81 lakh in last fiscal. The bank has 3,354 depositors with deposits of around Rs 2.34 crore.

The district registrar of co-operatives, C B Kotecha, said: "The beleaguered Sunav Bank is relatively a small bank in the district and most of the depositors are covered under the Deposit Insurance and Credit Guarantee Corporation. It will take about three-four months to wind up the bank's activities."

The Sunav Bank had issued loans of Rs 1.15 crore against deposits of Rs 2.30 crore.

The bank was withdrawn from the clearing house about six months back due to inadequate liquidity and was declared sick.

The state government had appointed a custodian to recover the money. The bank had lost money in the beleaguered CNSB and its employees are also accused of mismanaging the bank funds.

The case against the bank's four employees for duping Rs 15.82 lakh is pending in the court.