he had a meeting with Reserve bank lieutenant governor Rajeshwar Rao And MP Jain said in this regard in a statement here.
“Liquidation is not the solution. Instead, we requested for merger of the bank with another strong bank and protection of interest of depositors above Rs 5 lakh,” Pandit said.
Union Minister of State for Finance and Banking Bhagwanti karadi “Coordinated and navigated the meeting”, he said.
He apprised both the deputy governors about the efforts made by the bank to “realise and earn operating profit”, Pandit said.
“If the bank goes into liquidation, those who have deposits of more than Rs 5 lakh, most of them senior citizens, may lose around sixty-five per cent of their deposits,” he said.
Dr Karad assured him that he would pursue the matter, the administrator said.