The protestors, under the banner of the NICB Depositors' Foundation, marched to the bank's Majiwada branch, carrying placards of their demands. The memorandum stressed that despite earlier meetings with the RBI-appointed advisors and senior officials, there is "considerable ambiguity" about the bank's prospects
A delegation representing the foundation met the branch manager and submitted a detailed memorandum outlining their apprehensions regarding the bank's future. File pic
The depositors of the scam-hit New India Cooperative Bank staged a protest in Maharashtra's Thane city on Monday, demanding urgent action on the revival or merger of the institution, news agency PTI reported.
The protestors, under the banner of the NICB Depositors' Foundation, marched to the bank's Majiwada branch, carrying placards of their demands.
The foundation has been demanding urgent measures to restore depositor confidence and alleviate the financial strain faced by thousands of account holders since February 13, after the Reserve Bank of India (RBI) imposed restrictions on the financial institution, PTI reported.
A delegation representing the foundation met the branch manager and submitted a detailed memorandum outlining their apprehensions regarding the bank's future.
The memorandum stressed that despite earlier meetings with the central bank-appointed advisors and senior officials, there is "considerable ambiguity" about the bank's prospects, reported PTI.
The depositors also voiced concerns about the safety of their deposits, particularly amounts exceeding Rs 5 lakh insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), and demanded specific timelines for either the bank's revival or its merger with a stable financial institution.
The memorandum further stated that depositors have demanded an increase in the withdrawal cap from Rs 25,000 to Rs 1.5 lakh, full repayment of fixed deposits beyond the insured limit, updates on forensic and special audits, an assessment on the impact of non-performing assets (NPAs), and early recovery of funds from attached properties linked to fraudsters, reported PTI.
Depositors warned of intensifying their agitation if authorities continued to delay action, and urged the bank management to immediately forward their concerns to the NICB Administrator and seek RBI's intervention for urgent relief.
In the memorandum, they also appealed that the bank must request the central bank to announce the removal of restrictions and roll out a revival or merger plan before the DICGC disburses insurance money on May 14.
Meanwhile, the Mumbai Police has arrested eight people so far in the Rs 122-crore New India Cooperative Bank scam case.
The bank’s absconding former vice-chairman, Hiren Bhanu, and his wife Gauri — both currently believed to be abroad — have submitted written statements to the Economic Offences Wing (EOW), denying any involvement in the New India Cooperative scam. The couple has also formally requested permission to appear before the agency via video conferencing. Officers, however, are yet to take a call on whether such virtual statements will be permitted.
(With PTI inputs)
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