02-05-2025
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.
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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.
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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.
