Latest news with #NashikDistrictCentralCooperative
Time of India
25-06-2025
- Business
- Time of India
NDCC Bank investors to form forum in bid to get back funds
Nashik: The cooperative credit societies in Nashik district, which have invested more than Rs 700 crore with the Nashik District Central Cooperative (NDCC) Bank, have decided to form a forum to demand the return of their funds locked up with the bank since since 2017 by pressing their case with the bank and govt. The NDCC Bank has been in financial turmoil since 2017, struggling with non-performing assets (NPAs) and loan defaults. The bank's performance has declined sharply, with NPAs piling up to Rs 2,200 crore, largely attributed to farmers defaulting on loans (accounting for 80% of the NPA amount). "Over 1,000 societies with over 70,000 investors across Nashik district have had their funds (ranging from Rs 20 lakh to Rs 127 crore) locked up with the NDCC Bank since 2017, with no returns even after the end of their terms. To address this, as of now 48 such societies have decided to form a collective forum, and form pressure group to push govt to ensure investors receive their money back," Vishwas Nagare, the president of Nashik District Maratha Vidya Prasarak Samaj Sevak Sahakari Society Ltd, said. Nagare is also the coordinator of the 48 credit cooperative societies that have come together so far. Nagare said these societies, registered under the cooperative department, were only allowed to invest their deposits with the bank, in which the salaries were credited. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "In the past, all the major institutions would use the network of the NDCC Bank to settle the salaries of their employees. Hence, all these societies had to invest at least 25% of their profit and additional sum available with the NDCC Bank. Accordingly, the reserves kept on increasing over time," he said. Despite efforts to recover loans, the bank's progress has been limited. In 2024-25, it collected Rs 237 crore against outstanding loans of Rs 2,174 crore. The bank's recovery target from NPAs was Rs 251 crore, but it has only managed to recover Rs 21 crore. He said since 2017, these societies have not got their deposits back, nor the interests. "The money with the bank is not yielding any interest. The India Security Press and Currency Note Press employees and officers' credit societies have investments of Rs 120 crore with the NDCC Bank. Even the investors are demanding money from societies and banks, but they are unable to return it. So, now a forum will be formed with all these members that will then take appropriate steps, including petitioning the Bank, state govt and even the high court," Nagare added. The bank introduced a one-time settlement scheme, which led to 991 members repaying loans worth Rs 41 crore. However, the concerns remain about the bank's ability to recover the outstanding loans and restore its financial health. The bank is under RBI lens for its banking licence.
Time of India
18-05-2025
- Business
- Time of India
NDCC administrator: Focus on recovery & transparency
Nashik: With a clear mandate to revitalize the Nashik District Central Cooperative (NDCC) bank, newly appointed administrator Santosh Bidwai wasted no time in outlining his strategy, prioritizing loan recovery from defaulters and signalling the imminent auctioning of properties. Bidwai, who also serves as the divisional deputy registrar, has been entrusted by state govt with the responsibility of revitalizing the bank. His appointment follows the resignation of the previous administrator Pratapsinh Chavan. Bidwai is expected to spearhead efforts to restore the bank's financial health and reputation. "I will engage with both loan defaulters and investors to assure that the process would be conducted transparently, in the interest of the bank and its investors," he said. He also emphasised the importance of conducting the recovery process by implementing necessary measures in the coming month and seeking the required permissions for property auctions to recover outstanding money from defaulters. "This approach aims to boost investor confidence and attract more investment, which will help the rotation of money in the bank. The bank will get business, thus earn some money and help retain the banking licence that is now at the mercy of the Reserve Bank of India (RBI) following an outstanding of over Rs2,200 crore," said Bidwai. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo Retaining the banking licence is of utmost importance, and Bidwai plans to seek state govt's assistance wherever needed. "I will follow up with the govt to get a new one-time settlement scheme that aligns with the needs of the farmers, encouraging them to repay the loans and help the bank recover some of the losses. The bank will also follow up with state govt for the share capital it requires to function properly," he said. Bidwai said his target was the circulation of funds in the bank and added that he was confident that investors and defaulters would cooperate.
Time of India
02-05-2025
- Business
- Time of India
Administrator of NDCC Bank ‘unable to carry forward recovery process', resigns
Nashik: Nashik District Central Cooperative (NDCC) bank administrator Pratapsinh Chavan has sent a resignation letter to the commissioner of cooperatives, Maharashtra. The letter was sent by post on April 24 and then emailed on May 2. Tired of too many ads? go ad free now Commissioner of cooperatives Deepak Taware said, "We have received the resignation letter, but it has not been accepted as of now." Taware did not divulge the contents of the resignation letter, while Chavan refused to comment on it. According to a senior officer from the bank, the administrator expressed his inability to carry forward the process of recovery. The bank has 80% of the outstanding Rs 2,200 crore with the farmers and political intervention has delayed the recovery, further threatening the existence of the bank. "The administrator recently visited my office when we discussed the recovery. He expressed his inability to continue as the administrator. As of now, he has tendered his resignation, which has still not been accepted. Having said that, we are looking for his replacement," Taware said. In the resignation letter, sources said the administrator clearly marked his annoyance with the developments. "At the last AGM of the bank, held at Dadasaheb Gaikwad Sabhagriha, the administrator emotionally appealed to the concerned to contribute to the recovery and ensure that this was not the last AGM of the bank. Non-recovery would lead to strong action by RBI, which could strip the bank of its banking licence," the source said. "The resignation cites temporary stay on the recovery drive for three weeks during a meeting held at the district collectorate in Nashik, recently announced by agriculture minister Manikrao Kokate. This was followed by possible changes in the new one-time settlement scheme, where interest rates were likely to be lowered, creating more hurdles for the recovery and increasing the losses," said a senior officer of the bank. Tired of too many ads? go ad free now Nashik: Nashik District Central Cooperative (NDCC) bank administrator Pratapsinh Chavan has sent a resignation letter to the commissioner of cooperatives, Maharashtra. The letter was sent by post on April 24 and then emailed on May 2. Commissioner of cooperatives Deepak Taware said, "We have received the resignation letter, but it has not been accepted as of now." Taware did not divulge the contents of the resignation letter, while Chavan refused to comment on it. According to a senior officer from the bank, the administrator expressed his inability to carry forward the process of recovery. The bank has 80% of the outstanding Rs 2,200 crore with the farmers and political intervention has delayed the recovery, further threatening the existence of the bank. "The administrator recently visited my office when we discussed the recovery. He expressed his inability to continue as the administrator. As of now, he has tendered his resignation, which has still not been accepted. Having said that, we are looking for his replacement," Taware said. In the resignation letter, sources said the administrator clearly marked his annoyance with the developments. "At the last AGM of the bank, held at Dadasaheb Gaikwad Sabhagriha, the administrator emotionally appealed to the concerned to contribute to the recovery and ensure that this was not the last AGM of the bank. Non-recovery would lead to strong action by RBI, which could strip the bank of its banking licence," the source said. "The resignation cites temporary stay on the recovery drive for three weeks during a meeting held at the district collectorate in Nashik, recently announced by agriculture minister Manikrao Kokate. This was followed by possible changes in the new one-time settlement scheme, where interest rates were likely to be lowered, creating more hurdles for the recovery and increasing the losses," said a senior officer of the bank.
Time of India
23-04-2025
- Business
- Time of India
NDCC Bank's settlement scheme soon
Nashik: The Nashik District Central Cooperative (NDCC) Bank, in order to maximize the recovery of pending loans from defaulters, will soon introduce a One Time Settlement (OTS) scheme featuring reduced interest on the principal loan amount. This OTS scheme will be valid for a period of six months. The bank will release a circular detailing the OTS scheme. The decision to implement this OTS scheme, offering a lower interest rate on outstanding dues up to Rs10 lakh for loan defaulters, was made during a meet held in Mumbai on Wednesday. The meet was chaired by deputy chief minister Ajit Pawar. It was also attended by state agriculture minister Manikrao Kokate, state education minister Dada Bhuse, state cabinet minister Narhari Zirwal, and senior officials from the bank.
