Protestors Demand Action for Scam-Hit New India Co-operative Bank

Depositors of the fraud-impacted New India Co-operative Bank in Thane staged a protest demanding urgent revival or merger plans from authorities. Concerns about deposit safety and financial strain were highlighted, urging immediate action to restore confidence after an embezzlement incident.

In a determined bid to safeguard their financial interests, depositors of the New India Co-operative Bank staged a robust protest in Thane, Maharashtra. They demanded immediate steps to either revive or merge the beleaguered institution, which has been grappling with a major scam.

The protestors, organized under the NICB Depositors' Foundation, marched to the bank's Majiwada branch. With placards highlighting their demands, they sought measures to alleviate the financial strain and restore confidence, which has been dwindling since the Reserve Bank of India imposed restrictions in mid-February.

The protesters' demands included raising the withdrawal cap, complete repayment of deposits beyond insured limits, and urgent updates on audits and asset recoveries. They warned of heightened agitation if authorities delayed action, urging the NICB management to secure RBI intervention.

(With inputs from agencies.)