Depositors of New India Co-operative Bank stage protest over delay in fund access
Thane, Depositors of scam-hit New India Co-operative Bank staged a protest in Maharashtra's Thane city on Monday, demanding urgent action on the revival or merger of the institution.
Protestors under the banner of the NICB Depositors' Foundation marched to the bank's Majiwada branch, carrying placards listing 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 RBI imposed restrictions on February 13.
Mumbai Police has so far arrested eight persons in the ₹122 crore New India Co-operative Bank embezzlement case.
A delegation 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 RBI-appointed advisors and senior officials, there is "considerable ambiguity" about the bank's prospects.
Depositors voiced concerns about the safety of their deposits, particularly amounts exceeding ₹5 lakh insured under the Deposit Insurance and Credit Guarantee Corporation and demanded specific timelines for either the bank's revival or its merger with a stable financial institution.
In the memorandum, depositors have demanded an increase in the withdrawal cap from ₹25,000 to ₹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 , and early recovery of funds from attached properties linked to fraudsters.
Depositors warned of intensifying their agitation if authorities continued to delay action, urging the bank management to immediately forward their concerns to the NICB Administrator and seek the RBI's intervention for urgent relief.
The memorandum also appealed that the bank must request the RBI to announce the removal of restrictions and roll out a revival or merger plan before the DICGC disburses insurance money on May 14.
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