This paper addresses the important problem of reconstructing a signal from multiple multirate observations. The observations are modeled as the output of an analysis bank, and time-domain analysis is carried out to design an optimal FIR synthesis bank. We pose this as a minimizing the mean-square problem and prove that at least one optimal solution is always possible. A parametric form for all optimal solutions is obtained for a non-maximally decimated filter bank. The necessary and sufficient conditions for an optimal solution, that results in perfect reconstruction (PR), are derived as time-domain pseudocirculant conditions. This represents a novel theoretical contribution in multirate filter bank theory. We explore PR in a more general setting. This results in the ability to design a synthesis bank with a particular delay in the reconstruction. Using this delay, one can achieve PR in cases where it might not have been possible otherwise. Further, we extend the design and analysis to nonuniform filter banks and carry out simulations to verify the derived results.