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Our Correspondent

Madurai , Jan. 10

THE Madurai Urban Cooperative Bank has been closed, with the premises officially sealed on January 7.

According to sources, the bank could not operate since the Reserve Bank of India (RBI) had cancelled its licence. The RBI had barred the bank earlier following reports of embezzlement of funds.

The bank employees, staging a demonstration against the closure, have appealed for a reconsideration of the decision and requested the authorities to initiate measures to revive the bank. The Madurai Member of Parliament, Mr P. Mohan, said the if financial assistance in the form of a loan had been given to the bank, its closure could have been averted. He urged the Union Finance Minister, Mr P. Chidambaram, to help revive the bank.

A notice in front of the office said steps are being taken to repay the depositors through the Deposit Insurance and Credit Guarantee Corporation.

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