Depositors of MMCB to go on strike

As many as 1000 depositors with the Madhavpura Mercantile Cooperative Bank will go on a hunger strike if the bank does not re-open in a week’s time. The depositors will stage their protest near Mahatma Gandhi’s statue, Income Tax circle, if their demands are not met, informed the Nav Gujarat Banks Customer Protection Council.

In addition to their protests against the bank, the depositors strongly feel that the Reserve Bank of India has not been looking into the problem effectively. "To protest against the RBI, the depositors will stage a protest at the Income Tax circle on May 1."

The press release issued by NGBCPC stated that MMCB depositors have decided to protest against MMCB’s CEO Devendra Pandya, who mismanaged the affairs of the controversial bank. "Since the last 45 days, depositors are trying hard to see the bank open. But our non-violent attempts are being adjudged as our weaknesses, which is completely wrong." Despite the protest, if the government does not solve the problem, we will take appropriate action to tackle the crisis, NGBCPC added.

Republished from Asian Age