MMCB issues notices to 59 firms

On the current status of the beleaguered bank, he said, ‘‘The bank is technically operational and allowed to transact in the RBI’s clearing house. But as far as fresh deposits are concerned, the picture is not pleasing’’. Patel, who also chairs Gujarat State Co-operative Bank, also expressed displeasure at the ‘snail-paced’ repayment by main defaulter Ketan Parekh, who was released on bail after he assured the court of repaying Rs 380 crore in three years’’.

‘‘Parekh has deposited only Rs 16 crore, that too because of the metropolitan court’s condition for obtaining bail before six months’’, Patel lamented.

MMCB plunged into deep financial crisis after Parekh and his associates allegedly swindled Rs 1,200 crore, forcing the closure of the bank.