MMCB to cut jobs, close branches

 The ailing Madhavpura Mercantile Co-operative Bank (MMCB) will close down 10 branches and retrench 87 employees in a bid to cut down operating cost.

 The bank is facing a crisis as its recovery operations are yet to pick up momentum and big defaulters are yet to pay up.

 MMCB decided to close the branches and cut jobs at a recent board meeting.

 After the restructure, the bank will have 177 employees and 18 branches