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March 15, 2001
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Money > Business Headlines > Report March 15, 2001 |
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RBI files criminal suit against Madhavpura BankBS Regional Bureau As the branches of Madhavpura Mercantile Co-operative Bank (MMCB) failed to open for the second consecutive day Wednesday, creating further panic among its depositors and customers, the RBI filed a criminal suit against the bank at the Ahmedabad Metropolitan Court. The complaint was filed under section 46 of the Banking Regulation Act for making wrong disclosures and statements as well as not adhering to assurances given, RBI's regional director (Gujarat), VS Das, said. Admitting that "there is a problem with MMCB", Das said despite repeated attempts RBI had not been able to get in touch with the chairman or managing director of the bank. While asserting that it was still possible to turn around MMCB, Das wondered, "But if they remain away from us how can we help them in improving the situation." The local office of the RBI was trying to avert any further crisis with the help of the state authorities, he said, adding that at a meeting on Wednesday chaired by the state cooperation minister, RBI had suggested to the state government that it persuade the MMCB management not to keep its branches closed. If the bank kept its branches open it would help diffuse the panic to a great extent, he said. "I have also requested the state authorities to extend some security to the bank and its officials to enable them to operate their branch offices normally," he added.
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