Depositors, farmers create ruckus at AGM of NDCC bank

  • | Sunday | 1st October, 2023

Nashik: Depositors — individual and institutional — as well as farmers created a ruckus at the annual general meeting (AGM) on Saturday, demanding their deposits back. They also sought improvised one-time settlement for the defaulters. The AGM was organised at the NDCC bank and was chaired by administrator Pratapsingh Chavan. The situation became so tense that the police had to intervene. The bank is already in deep financial crisis. Several measures are being taken to improve its recovery, including auctioning land parcels of farmers who have major outstanding amounts. The bank is unable to return deposits totalling Rs 2,091 crore to over 12 lakh depositors as it is struggling to recover Rs 1,900 crore outstanding debt from 6,800 defaulters. During the AGM, the members proposed lowering the lending rate from 17% to 12%, which the PACS objected to as they claimed they wont be able to do any business. Similarly, farmers with outstanding amounts said they wanted a one-time settlement at par with nationalized banks, including a 50% waiver in principal amount, which the depositors objected to, saying they would lose their deposits. The administrator said, Since the interests of the groups were clashing, there was a ruckus.The members were pacified after they were explained the prospects of the bank, current situation and steps needed to revive it. All the resolutions were adopted and the same will now be placed before the commissioner, after which relevant steps will be taken, he added.We also published the following articles recentlyAGM of Guild of ServiceThe Guild of Service (Central) will hold its 100th Annual General Body Meeting with a cultural program on the theme of Unity in Diversity. The chairperson, K S Sripathi, will release the activities report, distribute merit certificates, and give the Clean Campus award. The Madras Art Guild is hosting a month-long public art festival featuring workshops, literature festivals, and art exhibitions. Schools in Kolkata are incorporating dengue awareness into morning assemblies. The Writers Guild of America has agreed to end their strike, and a new contract will be voted on.Crooks get bank accounts on rent to deposit siphoned moneyA businessman in Rajkot fell victim to cyber-crooks who used his chartered accountant to deposit siphoned money into his bank account. The gang, from Rajasthan, has committed multiple cyber frauds across India. The businessmans accountant, along with his accomplices, rented out the account and received a commission of 5% on the transactions. The gang targeted people by offering them online tasks for money and then siphoned off their deposits. This gang has carried out four similar frauds in Gujarat.Deposit dist bar assns money in bank, HC tells ex-officersThe high court in Ranchi has directed the former office bearers of the Jamshedpur District Bar Association to deposit the associations money in its bank account by September 30. A PIL had alleged embezzlement of money by the former office bearers. Meanwhile, the panchayat department in Kolkata has started a five-day training program at IIM Calcutta for rural body office bearers to improve their managerial skills. In another incident, a businessman in Rajkot fell victim to cyber criminals who used his chartered accountant to deposit siphoned money in his companys bank account. Lastly, the Tamil Nadu joint council of associations has called for a one-day strike in Coimbatore to highlight the challenges faced by industries.

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