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MMCB: Govt bodies to get dues first

BS Reporter  |  Ahmedabad 

The future of the deposits of about 10,000 account-holders of scam-tainted (MMCB) looks bleak. Institutional stakeholders like Deposit Insurance & Credit Guarantee Corporation and may get priority for dues recovery. The yesterday cancelled the banking licence of the bank, on the Rs 1,200-crore scam that had surfaced in March 2001, involving sharebroker and his associates. According to senior officials of MMCB, the bank has a total liability of Rs 1,459 crore — Rs 792 crore deposit liabilities and Rs 667 crore other liabilities.

First Published: Wed, June 06 2012. 00:10 IST