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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Economic Times
17 minutes ago
- Economic Times
Jyotivardhan Jaipuria on where to put money on the table and where to take it off
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How will this shape up now? Jyotivardhan Jaipuria: We do not own these stocks and that has been one of our concerns that all of these are very dependent on government policies and it is dependent on each state and very often the states keep changing duties and so that is what starts affecting the demand. If I look at a very macro picture what we have to remember is lot of states are struggling for revenue and when they are struggling for revenue because of the subsidies they have given or the election promises they have given, stuff like alcohol becomes one very easy target from where they can raise avenues because it is treated as this is for the rich people, it is not for the poor people and that has been our concern really that it is very difficult to keep forecasting what each state does over here. We generally stayed away from this pack. This is going to be negative for demand for the sector. 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Time of India
20 minutes ago
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But in general, chemicals is one sector we like. You Might Also Like: Selectivity is key as markets enter narrow, range-bound phase: Dipan Mehta The other sector which we like is the cement sector. Cement has not done much in terms of earnings growth, and has been flattish for the last 12-18 months. There has been a lot of consolidation in the sector which probably helps over the next couple of years because it becomes easier to hike prices. Second, government demand should pick up and so for us, there are a lot of interesting ideas to find there. We are getting into the monsoon season which is typically like a lean season for cement. Over the next few weeks, pick up cement stocks on dips. So, those would be two sectors we like. We also like pharmaceuticals, but there we have to be a little careful with Trump's tariffs because there has been a lot of contradictory talk from him. So, be a little careful there. These are very secular growth stories, especially the CDMO pack in the pharma space. Within the pharma space, are there any particular pockets where you find more value than the others? Jyotivardhan Jaipuria: Yes, one of them is the CDMO space where value is not there in the sense these stocks are not cheap and are rather expensive. But for us, over the next three-five years there is lot of visible growth there and so just the sheer growth which we have most companies there could have a growth compounded for the next maybe three-five years or in the range of 25% plus, so that is what is really probably going to drive earnings in the space. None of these stocks are very cheap, so when we look at it, we always think that the valuations have a lot of margin of safety probably, but we are quite confident that the earnings will play out and so that is what we are playing. 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Do you still retain that view or has it changed and what is the outlook there? Which are the sectors that are going to drive this growth? Jyotivardhan Jaipuria : We still retain that view that we will get double-digit earnings growth for FY26. As you know, FY25 was a very weak year for earnings, so one is probably the base impact helps and what you will see over the next six months is like a very poor base of government and corporate capex. It will be easier to show growth for a lot of these companies which are dependent on government capex. The other thing that will help is liquidity in the system. Rates are coming down, and that will be very positive for earnings to come through. In terms of, what will help, basically, we will see some of the engineering names and the capital good names continue to do well. Some of the consumer discretionary names will also show strong earnings growth. 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Business Standard
22 minutes ago
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