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May 23, 2001
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Money > Business Headlines > Report May 23, 2001 |
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MMCB administrator's resignation turned downSuresh R Menon S Ramachandran, the administrator of the crisis-hit Madhavpura Mercantile Co-operative Bank, who had tendered his resignation to the Central Registrar of Co-operative Societies K S Bhoria, has decided to continue with his posting, according to sources. Ramachandran had earlier asked the RCS to find another person to replace him as the administrator. Though Ramachandran is learnt to have submitted his resignation almost two weeks back, the Central RCS had not accepted it. Official sources said that the administrator decided to put in his papers following widespread criticism from various quarters about his style of functioning and the demand by the Gujarat Urban Co-operative Banks Federation as well as the revival committee seeking the appointment of a board of administrators instead of a single administrator to revive the bank. Since the day he took over as administrator, top office bearers of the GUCBF have felt that Ramachandran would not be able to do much for the revival of MMCB as he does not have any exposure or experience of working in the co-operative banking sector. Moreover, his lack of knowledge of Gujarati language has been perceived as yet another impediment. Though books of accounts at MMCB are maintained in English, all the correspondence by the bank are being carried out in Gujarati. Moreover, the language of communication among the staff members and with the bank customers being Gujarati, managerial level staff at MMCB allege that they have to waste a lot of time in just explaining every single correspondence being made by them. There have also been complaints that the administrator has not been willing to establish any communication with the depositors nor has he bothered to update and reassure them about the status of the deposit insurance or other financial aspects. Powered by YOU MAY ALSO WANT TO READ:
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