<p>Mumbai: Taking their case ahead, the depositors of the New India Co-Operative Bank (NICB) Ltd have demanded to know from the management of the crisis-ridden bank about its timeline of revival.</p><p>The NICB Depositors’ Foundation over the past few months have been communicating with the <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India (RBI)</a> and the NICB Ltd.</p><p>“Notwithstanding the ongoing police investigations, RBI-instituted auditing of accounts, recovery of the loss incurred by the bank due to the alleged fraud and non-performing assets, please give us a tentative time-line by when you can expect the revival of the bank,” according to a letter to the NICB Depositors Foundation President T N Raghunatha, Vice President Rajani Pitale K and Secretary Vivekanand K Gaonkar to Deepak Kole, Branch Manager, Majewade (Vasant Vihar), Thane branch of NICB Ltd.</p>.Depositors seek details about revival of NICB.<p>They wanted to know whether the RBI or the current bank management initiated any measures for possible merger of the NICB Ltd with a stable bank or have any leading bank or a stable financial institution approached the RBI or NICB Ltd for a merger.</p><p>“Will the insurance pay-out up to Rs 5 lakh each being made through the Deposit Insurance and Credit Guarantee Corporation (DICGC) will be disbursed to the depositors by May 14, 2024 as announced,” asked Raghunatha. </p><p>They all requested both the NICB advisors and RBI officials to raise the withdrawal limit from the current Rs 25,000 to Rs 1.5 lakh.</p><p>“We also requested both the NICB Advisors and RBI to pay out the utility bills like the MSEB and the ones relating to the society maintenance raised by the co-operative housing societies,” the depositors urged. </p><p>“Given that it is more than a fortnight since the end of the previous financial year 2024-25, has the bank completed an audit for the year ending March 31, 2025? Has any special audit been done by the RBI after the imposition of restrictions on your bank? If yes, has the RBI shared the findings of the special audit with you? Have positives emerged from such a special audit that would pave way for early revival of the bank?,” they asked.</p>
<p>Mumbai: Taking their case ahead, the depositors of the New India Co-Operative Bank (NICB) Ltd have demanded to know from the management of the crisis-ridden bank about its timeline of revival.</p><p>The NICB Depositors’ Foundation over the past few months have been communicating with the <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India (RBI)</a> and the NICB Ltd.</p><p>“Notwithstanding the ongoing police investigations, RBI-instituted auditing of accounts, recovery of the loss incurred by the bank due to the alleged fraud and non-performing assets, please give us a tentative time-line by when you can expect the revival of the bank,” according to a letter to the NICB Depositors Foundation President T N Raghunatha, Vice President Rajani Pitale K and Secretary Vivekanand K Gaonkar to Deepak Kole, Branch Manager, Majewade (Vasant Vihar), Thane branch of NICB Ltd.</p>.Depositors seek details about revival of NICB.<p>They wanted to know whether the RBI or the current bank management initiated any measures for possible merger of the NICB Ltd with a stable bank or have any leading bank or a stable financial institution approached the RBI or NICB Ltd for a merger.</p><p>“Will the insurance pay-out up to Rs 5 lakh each being made through the Deposit Insurance and Credit Guarantee Corporation (DICGC) will be disbursed to the depositors by May 14, 2024 as announced,” asked Raghunatha. </p><p>They all requested both the NICB advisors and RBI officials to raise the withdrawal limit from the current Rs 25,000 to Rs 1.5 lakh.</p><p>“We also requested both the NICB Advisors and RBI to pay out the utility bills like the MSEB and the ones relating to the society maintenance raised by the co-operative housing societies,” the depositors urged. </p><p>“Given that it is more than a fortnight since the end of the previous financial year 2024-25, has the bank completed an audit for the year ending March 31, 2025? Has any special audit been done by the RBI after the imposition of restrictions on your bank? If yes, has the RBI shared the findings of the special audit with you? Have positives emerged from such a special audit that would pave way for early revival of the bank?,” they asked.</p>