7cr from AMC's co-op bank remains unclaimed after ten years.

Ahmedabad Municipal Corporation established The Municipal Cooperative Bank Ltd for its employees in 1973 . The bank was liquidated in 2010 after a series of bad debts .

Ahmedabad: Though the city's civic body struggles to remain competitive on state government loans, there are no claimants for Rs 7.32 crore in its employees cooperative bank, which was liquidated a decade ago.The Ahmedabad Municipal Corporation (AMC), according to reports, had established The Municipal Cooperative Bank Ltd for its employees in 1973.The bank was liquidated in 2010 after a series of bad debts.76% of deposits were returned at the time of the bankruptcy, but no one came forward to claim Rs 7.32 crore in deposits.

According to reports, it is possible that many of the employees whose deposits are not unclaimed may have died or the bank's families do not have passbooks or other paperwork.According to sources, the Reserve Bank of India (RBI) ordered the bank to allow people other than AMC employees to hold accounts and sanction loans to them.According to reports, many traders owned accounts and loans were sanctioned to them after this.In 2005, the RBI suspended the bank from doing more than Rs 1,000 at a time in about three cases.

An AMC official with the bank said it was still unknown why the bank was liquidated as there was no debt on it or there was no liquidity problem.Members of this cooperative bank have been calling for its rebirth, and now it is being transformed into a cooperative credit union.