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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
41 minutes ago
- Indian Express
Bank Holidays 2025: Are banks open or closed today on Wednesday, June 11? Check here
Sant Guru Kabir Jayanti / Saga Dawa Bank Holiday Today: According to the Reserve Bank of India's (RBI) 2025 holiday calendar, public-sector banks (PSBs) and private banking institutions in a few Indian cities will be closed on Wednesday, June 11, on account of Sant Guru Kabir Jayanti and Saga Dawa. The Reserve Bank of India (RBI) outlines bank holidays in India, following the Negotiable Instruments Act, RTGS holidays, and other regional and national holidays. Additionally, banks are also closed on the mandatory weekly days off: the second Saturday and Sunday of every month. According to the RBI's calendar for the fiscal year 2025, 12 bank holidays have been designated for June 2025. Sant Guru Kabir Jayanti commemorates the birth anniversary of Kabir Das, a 15th-century Indian mystic poet, saint, and social reformer, known to promote spirituality, social equality, and harmony among religions. Whereas Saga Dawa is a sacred month-long Tibetan Buddhist festival celebrated primarily in Tibet, Sikkim, Ladakh, and other Himalayan regions, it honours three major events in the life of Lord Buddha Shakyamuni: his birth, enlightenment, and parinirvana (death). It's important to note that banks in only two Indian cities will observe closure, and the remaining will be operational as usual; below is the table of bank status for today: Source: RBI Holiday Calendar 2025 It's important to note that despite the physical closure of bank branches in Sikkim and Himachal Pradesh, essential banking services will continue to be available through digital and self-service platforms: Customers are encouraged to plan any in-branch visits around the holiday and make use of online options for uninterrupted banking.
Mint
an hour ago
- Mint
Bank holiday today: Are banks closed on June 11 for Sant Guru Kabir Jayanti?
Bank holiday today: Banks in Himachal Pradesh and Sikkim are closed today on June 11 on account of Sant Guru Kabir Jayanti / Saga Dawa. With the new month drawing near, we take a look at the official bank holiday schedule issued by the Reserve Bank of India (RBI) for June 2025. Overall, the month has a total of 12 listed holidays, including Bakri Id, besides other regional festivals, and the weekly offs. All banks in India, public and private, have the second and fourth Saturdays as a holiday and all Sundays in the month are weekly offs. You should note that holidays may differ across states in India due to regional and local requirments. It is thus best to check with your local bank branch for their holiday schedule or list ahead of time to be properly informed and make preparations in case of emergencies or long weekends. Take a look at the full bank holiday schedule for June 2025 below: June 1 (Sunday) — Weekly Off — All banks closed pan-India. June 6 (Friday) — Id-ul-Ad'ha (Bakrid) — Banks closed in Kerala. June 7 (Saturday) — Bakri ID (Id-Uz-Zuha) — All banks closed pan-India. June 8 (Sunday) — Weekly Off — All banks closed pan-India. June 11 (Wednesday) — Sant Guru Kabir Jayanti / Saga Dawa — Banks closed in Sikkim and Himachal Pradesh. June 14 (Saturday) — Second Saturday — All banks closed pan-India. June 15 (Sunday) — Weekly Off — All banks closed pan-India. June 22 (Sunday) — Weekly Off — All banks closed pan-India. June 27 (Friday) — Ratha Yatra / Kang (Rathajatra) — Banks closed in Odihsa and Manipur. June 28 (Saturday) — Fourth Saturday — All banks closed pan-India. June 29 (Sunday) — Weekly Off — All banks closed pan-India. June 30 (Monday) — Remna Ni — Banks closed in Mizoram. You can continue to use online or mobile banking services even on national holidays — unless notified to users for technical or other reasons. For cash emergencies, ATMs are open for withdrawals, app and UPI function as usual. All of the bank's annual holiday calendar is declared by the RBI under provisions of the Negotiable Instruments Act, which deals with the issuance of cheques and promissory notes. Transactions involving these instruments are thus not available during these listed holidays. The RBI and state governments create a list of holidays for banks, taking into account national and local occasions, operational requirements, religious celebrations and other cultural observances. The central bank makes the announcement through its official website and notifications to banks and other financial institutions.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Which consumer stocks to buy as RBI cuts repo rate, CRR, inflation eases?
Consumption-related stocks in India: With the Reserve Bank of India (RBI) delivering a double booster for liquidity – interest rate and CRR (cash reserve ratio) cut – in its review of the monetary policy last week, analysts expect India's consumer demand to witness a 'gradual' recovery in the coming months. Related stocks, they said, could witness a meaningful rally in the second half of the financial year 2025-26 (H2FY26) and the index reverse its underperformance, driven by improved earnings, curtailed inflation, and supportive valuations. Thus far in calendar year 2025 (till June 6), the Nifty Consumption index has risen 2.2 per cent on the NSE as against a 5.7 per cent rally in the Nifty50 index, ACE Equity data shows. Individual stocks have, however, delivered mixed returns with Tata Consumer Products, InterGlobe Aviation, and Avenue Supermarts surging between 18 per cent and 22 per cent, while Varun Beverages, Trent, and ITC declining up to 25 per cent during the period. 'Consumption-related companies under-delivered in CY25 amid sluggish volume growth and sustained margin pressures from high raw material costs. However, with supportive policy action, fiscal stimulus, and moderating inflation, we expect overall consumption demand to improve steadily by H2-FY26—supporting a rebound in the performance of the Nifty Consumption index,' said Darshil Shah, senior research analyst at Prime Research, HDFC Securities. India's consumption Sector: An Overview After the government's push to drive consumption demand in India, via higher limit for taxable income to claim tax rebate, the RBI, on June 6, front-loaded its monetary policy easing and slashed the repo rate by 50 basis points (bps) to 5.5 per cent. It also announced a 100-bps cut in CRR, to be executed in four tranches, to 3 per cent from 4 per cent. According to Seshadri Sen, head of research and strategist at Emkay Global Financial Services, the repo rate cut will help in accelerating credit flow to boost consumption during the festival season, considering the lag effect. The CRR cut, meanwhile, may help transmission and banks' propensity to lend aiding credit to automobile, consumer durables, power generation (especially green energy), and real estate sectors. The ₹2.5-trillion liquidity infusion by November (through CRR reduction), coinciding with income tax relief and the expected rollout of 8th Pay Commission benefits, is well-placed to revive the consumption basket, analysts added. These tailwinds, however, need to outweigh macroeconomic challenges, they cautioned. Those at Nomura said that with easing input costs, regional competition could grow faster than that for organized companies, leading to an overhang on market share and volume. Notably, a recent report by market research firm Kantar said that unbranded products drove most of the urban consumption of fast-moving consumer goods (FMCG) in FY25. Consumption stocks: Where to invest? Darshil Shah of HDFC Securities prefers Godrej Consumer, Marico, Maruti Suzuki, and Macrotech Developers from the consumption basket. Nomura, meanwhile, suggests investors focus on companies that have superior growth (in volumes / pricing) trajectory than peers/industry; investments in distribution, digitisation and R&D capabilities to support innovative new launches; and have strong brands, pricing power and higher saliency of premium portfolio to stand out. The brokerage picks Godrej Consumer Products, Marico, and Tata Consumer Products as its top consumption bets amid hopes of margin expansion, driving strong Ebitda growth, in H2FY26. That said, Seshadri Sen of Emkay Global Financial Services cautions that since overall market upside is limited from here, outperformance in consumption stocks will be dependent on earnings upgrades. 'Investors will have to wait till H2FY26 to see any meaningful upside,' he said.
