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| Thursday, 22 July 2004 |
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Asia Capital awaits CB's nod to restart Pramuka by Sudarshana Perera Asia Capital Pvt Ltd is awaiting the decision of the Central Bank to recommence the functions of the Pramuka Bank after submitting the required majority depositor consent, Business Plan and Restructuring Proposals. The majority depositors have given their green light for Asia Capital's efforts to open the doors of the Pramuka Bank saying that the delay in opening the bank would aggravate the crisis. Asia Capital sources said that its restructuring proposals are designed after a careful study and well poised to resurrect the Pramuka Bank. The Pramuka Bank is now vested with the Monetary Board of the Central Bank and it has to be decided by the Monetary Board. According to sources, an immediate decision is unlikely to emerge since the Monetary Watchdog needs considerable deliberations and proposals and other issues are under scrutiny before reaching a final decision. The Central Bank officials declined to comment on the issue saying that the proposals are still being discussed. The plan suggested that Pramuka be renamed as 'Sathosa Bank" and there are other names also proposed. The investors planned to deploy an extensive branch network using Sathosas 150-odd retail outlets, with an eye on offering banking products to small and medium market segments. The fate of Pramuka depositors will be decided once the Central Bank reviews Asia Capital proposals in detail within next few days. |
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