Mumbai Police has to this point arrested eight individuals in reference to the Rs 122 crore New India Cooperative Financial institution embezzlement case.
The muse president TN Raghunatha mentioned a delegation of depositors met RBI-appointed advisors Ravindra Chavan and Ravindra Sapra on the financial institution’s company workplace in Prabhadevi on Friday.
In the course of the dialogue, the advisors provided a cautiously optimistic outlook on the financial institution’s future, Raghunatha acknowledged.
“The advisors have been optimistic in regards to the prospects of reviving the financial institution. They confirmed that a number of choices, together with a possible merger, have been being explored, although specifics couldn’t be shared at this stage,” he mentioned.
The advisors assured the delegation that their considerations and written illustration can be forwarded to the RBI together with their very own suggestions. The muse additionally demanded elevating the withdrawal restrict from Rs 25,000 to Rs 1.5 lakh per account holder, citing the extreme hardship being confronted by depositors, particularly senior residents and co-operative housing societies. The delegation additionally met three Assistant Common Managers of RBI’s Supervision Division on the central financial institution’s Maker Chambers workplace in Cuffe Parade.
“The RBI officers have been receptive and warranted us that they might take up our considerations with increased authorities. They acknowledged the necessity for an official replace from the RBI concerning the financial institution’s present standing,” mentioned Rajani Pitale, Vice President of the Basis.
The delegation submitted a duplicate of their illustration to the Cuffe Parade police station.