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ShareAhmedabad, Ahmedabad: Madhavpura Mercantile Cooperative Bank's (MMCB) depositors are discontented with sluggish functioning of new board. They want the board to expedite the recovery procedures and tighten the noose around defaulters' necks for better recovery. The depositors' association - Navgujarat Bank Customer Protection Council - has also threatened the bank's board of moving Gujarat High Court, if their demands are not met.
The central government had earlier formed a new board of directors for the purpose of MMCB's revival. In this context, the government appointed Radha Singh, a retired IAS officer, as the chairperson of the board. However, though the new board has met thrice after formation, it is yet to take any concrete decision for revival of the bank, which has left the depositors highly discontented with the board's functioning.
"We will write to the board to expedite the process in interest of the depositors. But if the board does not take into consideration our request, we may even knock the HC's doors for redressal," said Jitendra Shah, chairman of Navgujarat Bank Customer Protection Council.
The chairperson of the board lives in New Delhi and comes to the city only to attend the board meetings. Demanding the chairperson to devote more time to solve the issue associated with the bank, the depositors said, "If she stays here for a longer period of time, she will be able to delve deeper in the issue and act accordingly," Shah said.
The depositors also blamed political parties for not resolving the issue. The leaders of both political parties in the state - the Congress and the BJP - have fair knowledge of the scam, the secretary of the association, Ashok Shah, claimed, alleging that none have however, come forward to give the depositors their money back. The depositors also believe that none of the board members have political reach like that of Jayram Patel, former chairman of Gujarat State Urban Cooperative Bank and also the first board's formed for revival of MMCB.
