The Bombay high court has asked the city police to investigate the Veerashaiva Cooperative bank fraud using the services of a chartered accountancy firm without any further procrastination.
The Court order was passed during hearing of a petition filed by the cooperative workers organisation asking for return of money and an immediate action against the people involved in the bank fraud,
The court had earlier expressed its displeasure at the delayed police action in the matter.
It is noteworthy that the bank’s directors and some borrowers had allegedly conspired to loot the bank and the fraud involves an amount exceeding 50 core.
More than 15 thousand investors stand affected by it. The bank workers’ organisation has petitioned the court to order arrest and attachment of the properties of the fraudsters.
January 19th, 2012 at 11:27
REALLY A SHAME ON COOPERATIVE MOVEMENT ON THE EVE OF INTERNATIONAL COOP- YEAR-2012.IT IS A GLARING EXAMPLE OF POLICE-CULPRIT NEXUS.IT IS WELCOME MOVE THAT UNIONS ARE COMING FORWARD IN SUCH MATTERS THOUGH BELATEDLY.THE INSIDERS ARE WELL AWARE OF THE HAPPENINGS.IT SHOULD BE IMMEDIATELY TACKLED BEFORE IT EXPLODES AFFECTING DEPOSITORS/MEMBERS OF THE BANK.
January 19th, 2012 at 11:30
REALLY A SHAME ON COOPERATIVE MOVEMENT ON THE EVE OF INTERNATIONAL COOP- YEAR-2012.IT IS A GLARING EXAMPLE OF POLICE-CULPRIT NEXUS.IT IS WELCOME MOVE THAT UNIONS ARE COMING FORWARD IN SUCH MATTERS THOUGH BELATEDLY.THE INSIDERS ARE WELL AWARE OF THE HAPPENINGS.IT SHOULD BE IMMEDIATELY TACKLED BEFORE IT EXPLODES AFFECTING DEPOSITORS/MEMBERS OF THE BANK.
LET US VOW NOT TO TOLREAT SUCH THINGS ON THE OCCASION OF COOPERATIVE YEAR-2012
January 23rd, 2012 at 10:53
I am retired government employee. I deposited sum for my rainy day. But when the matured day arrived (on 21/1/ 2011) for my F.D and visiting the bank consequently I was surprised to know about the bank.I am in deep trouble. The saying of Shri Chenna baseweshwara in front of the bank should be removed with immidiate effect so that the passerby like me should not be misled and deposit money in such banks and with trouble.
January 25th, 2012 at 11:42
Why some action is not taken against the Co-operative Bank governing body? Why regular audits are not carried out in Co-operative banks to keep an eye on their transactions? Filing bankrupcy is very easy but what about the people who have deposited their hard earned money to secure their future. Giving 1L to each customer is not a solution. What about people who have saved up to 5-10 lakhs with the bank? Even if RBI sell all the property of the Bank (especially in Mumbai) then customers can get back all their money and not just 1 lakh.
It’s a big scam. but not all major news paper or news channel are covering it. Just because the money belongs to common middle class people.
Is there a procedure to file a claim with the cooperative bank or RBI?
Your time and help will be appreciated.
Thanks,
Nirav
February 22nd, 2012 at 21:27
I am a retired Government Servant. I had deposited huge amount received after my retirement in Veershaiva Bank. The Bank Branch is near my house. so I had invested the amount. Now I am in deep trouble of money, since I had undergone byepass surgery. Will Government/RBI take keen interest in liquidation and sale out the property of Bank in Mumbai.I feel the amount will be adequate to refund the full amount of all the depositers. Should we hope so?
June 15th, 2012 at 14:59
This bank is lucky to get an order from the High Court of Bombay to investigate the wrong doings in the bank. Several such banks are languishing in Maharashtra. The take over sharks have a filed day using their power and influence to brow beat the unfortunate depositors of such banks. In the case of the South Indian Co-operative Bank Limited (now defunct), cases were filed at the instance of RBI agaist the looters as far back as 2007 (or earlier). but the case papers are gathering dust. Meanwhile, the perpetrators are free birds going about their business without let or hindrance. Saraswat Co-op Bank took over that bank and with the connivance of RBI and State Registrar of Co-operatives arbitrarily withheld 35% deposits in the case of those with deposits of over Rs.1 lac. Most of the 3000 odd affected depositors are very senior citizens and in the evening of their life they have nobody to support. The regulator has badly let them down. Saraswat took over 7 banks during 2007-08, of which depositors of six banks were fully refunded the deposit amount with interest. The bank has in its CSR statement confirmed payment to 5 such banks. The sixth one was taken over as a going concern and there was no question of repayment. The seventh one was South Indian Co-op Bank.
June 20th, 2012 at 18:37
when will the fixed deposit holders get their money
July 2nd, 2012 at 20:27
Kind attention MD Deposit Insurance Corporation controlled and managed by RBI
I have fixed deposits of Rs one lac with the bank. The balance is principal +interest. This Bank & RBI mentioned that this money upto Rs one lac atleast is fully insured by Deposit insurance corporation of India managed by RBI. I invoke this insurance . Kindly arrange to pay back my money immediately.
I also request the Judiciary to take cognizance of this request as Public depositors request (PIL) and order RBI and Deposit insurance corp. to pay to the depositors with balances upto Rs one lac atleast immediately.
Thanks and Regards from Sunita Chopra Phone 28855541 Customer of Kandivali Thakur Complex branch
July 4th, 2012 at 18:51
MADAME,YOU WILL HAVE TO APPROACH THE CONCERNED BANK WITH WHOM YOU HAVE KEPT THE MONEY/DEPOSIT.IF THEY FAIL TO PAY,THENFILE COMPLAINT WITH BANKING OMBUDSMAN,AT RBI MUMBAI.
July 4th, 2012 at 19:00
Mr VN Kulkarni
I have been to bank branch several times but the staff there say that they have heard that RBI has ordered the bank to go into liquidation and they do not give anything in writing rather they say that they themselves are at sea and do not know anything officially. what to do.
Thanks & Regards
Sunita Chopra
July 4th, 2012 at 20:44
i am a retired man and had deposited @ 1 lac rupees in FD in ur Veerashaiva bank branch at Chembur. Is there any way I can retrieve that amount from the bank. Guide me if any one can.
July 15th, 2012 at 22:07
many times average citizen thinkslaw is not there to protect him but swindlers mainly very slow and long legal process.
July 16th, 2012 at 12:12
vpp n=PL APPROACH THE BANK.CONFIRM THAT LIQIUDITION PROCEES IS INITIATED.IF YES,THEM GET CLAIM FORM FROM THE OFFICIAL LIQUIDITOR.YOU WILL GET MAX.RS.ONE LAKHS FROM DEPOSIT INSURANCE CORPORATION.
YOU CAN VISIT DICGCI WEB TO KNOW FURTHR DETAILS.
July 16th, 2012 at 12:21
sunita chopra- PL.VISIT rbi.org.in ,RESERVE BANKS OFFICIAL SITE AND GO TO pressrelease PAGE AND CONFIRM THAT YOUR BANK’S OFICIAL LIQUIDITION PROCLAMATION IS THERE.IF NOT PL. WRITE A COMPLAINT TO the cgm ,reserve bank of india, urban banks dept.,mumbai regional office,garment house,2nd floor worli mumbai 411018. you can personnaly visit the said office.PL DONT LOSE HOPES.
July 22nd, 2012 at 14:09
i have FDs of 15 lakh in andheri branch
i m not getting any satisfactory ans from bank
can anyone please give some latest update about this bank i ll b thankfull to them
m a elder person its my whole life saving
July 30th, 2012 at 18:27
People put all their hard earned money in such banks in greed of extra 1-2 % interest, but then entire amount gets washed away.
Public banks are the safest for making FDs
August 1st, 2012 at 18:04
My faily has deposits of Rs one lac (excluding interest) at Veerashaiva Cooperative Bank at Thakur Complex, Kandivali east, Mumbai branch. From last over one year, it is overdue for payment but the bank is not paying it. The bank officials say that RBI has put the bank into moratorium and Bank’s Licence is Cancelled. So we should approach RBI for payment. On discussing the issue with Bank’s CEO Mr Gadade (Phone no 25228448) at Chembur head office, he informed that the RBI has appointed liquidator for the banks – but bank’s board of directors have brought a high court stay order for liquidator and so the liquidator can not do any thing till the court allows. He also said that the bank’ chairman has petitioned to high court to order RBI, Finance ministry of Govt. of India and registrar general of cooperatives, Maharashtra govt. to reinstate the bank’s license to do banking as usual and also withdraw all cases initiated by EOW against the bank management and allow the existing directors to continue to manage the bank as they were doing earlier – he said that the matter for reinstating the banking license is pending for decision at GOI- Ministry of Finance at New Delhi. Bank CEO also said that the next hearing in Mumbai court is on August 13, 2012. The GM of Deposit insurance corporation at RBI Mumbai said that their role come after liqidator submit the depositor’s claims to them, which they have asked the liquidator to compile for all depositors with the help of Bank’s management but as the liquidator is not allowed to function by court stay order taken by bank management, Deposit insurance corporation can not do anything as of now. It is advised that the depositor should approach, collectively if possible, The Chief General Manager of Urban Bank’s department of Reserve Bank of India (RBI) Mr A.UDGATA – Phone no 24973050 & Fax no 24974030 at Garment house, worli, Mumbai for expediting the matter and issue orders to repay the depositor’s deposits as early as possible as more than one year has already passed. It is also suggested that each depositor should register a complaint online on Zee Helpline with all details and seek ZEE HELPLINE’s help. Hope the issue get fast tracked and depositor’s receive their deposit back. Each Depositor should also register complaint on RBI’s website mentioning concerned department as Urban Banks department. Let us flood RBI also with such genuine complaints of real harrassment being faced due to Bad management of the bank Veerashaiva bank and RBI’s continued inefficiency & lethargy. Also if possible, depositors’ should collectively file a Public interest case against Veerashaiva bank and also make RBI, DICGC, GOI – MOF, Registrar Cooperatives – Maharashtra Govt. and Official liquidator appointed by RBI , parties to the case. I appeal that some enlightened advocate among the depositors or in family of depositors should take up this Public interest case for benefit of depositors. I also appeal to ZEE HELPLINE to proactively help such large number of depositors. Thanks & regards from Rakesh Chopra Phone 28855541
August 27th, 2012 at 15:57
when will andheri east branch will open
August 27th, 2012 at 17:50
Update – Veera Shaiva Cooperative Bank – RBI has sent a reply to us that RBI has to do nothing and we should approach the bank and the liquidator. RBI has just forwarded our request for payment of our deposits to bank’s H.O. at Chembur for reply. DICGC has also responded that depositors should approach the liquidator and the bank and DICGC can not do anything till liquidator file the depositor’s claims officially. The address of liquidator appointed is – Mr. GAWADE (Phone 27574965), District Deputy registrar (DDR), ‘M’ ward , II floor, Konkan Bhavan, CBD Belapur, Navi Mumbai. The liquidator is supposed to settle the claims of each individual depositor by claiming money from DICGC. But it appears that Liquidator is not able to function as the bank’s Chairman and directors have filed cases with High Court of Mumbai and appeal with MOF, GOI,N.Delhi to get bank’s license back. It is understood that next date of hearing in court is September 17, 2012. Depositors should approach the liquidator in Konkan bhavan or at Bank’s Chembur H.O. and press him to move ahead for preparing claims of each depositor on the basis of bank’s deposit ledgers and submit all the claims to DICGC immediately so that due diligence & verification process without any delay is initiated by DICGC (RBI Bhavan, II floor, Opposite Mumbai central railway station, Mumbai). Depositors should approach Zee TV helpline also to take up the issue and help to expedite the process. RBI can not go scot free. RBI gave good audit ratings and allowed the bank to continue to function till 2011 – then what suddenly happened that it has to cancell the license of the bank and order liquidation. Let all depositors of the bank join together and file a rejoinder in High court and also make RBI as well as DICGC as parties to the case. Zee TV helpline should take this initiative as PIL. RBI as regulator need to be fully accountable to depositors but RBI has become high handed and with no accountability. This must be checked. Depositors must get their deposits paid immediately. Mr DK Mittal – Secy. DEA, MOF, GOI should also make a statement immediately and direct SBI to take over the bank and repay all the depositors in full immediately. Zee TV helpline should approach MOF for solving the issue ASAP.
September 11th, 2012 at 14:57
Thanks for the update
September 14th, 2012 at 13:59
next hearing is on 27th september 2012
September 14th, 2012 at 14:01
Dear Mr Rakesh
Thanks for the details. I am CA siddarth shahani (siddarth_shahani@hotmail.com)
Please give me the number of zee helpline
September 14th, 2012 at 14:02
I had filed a rti with rbi urban bakns department and they reply. so pls all do the same
http://www.rbi.org.in/scripts/righttoinfoact.aspx
Urban Banks Department
Reserve Bank of India
Central Office
1st Floor, Garment House
Worli, Mumbai – 400 008
Urban Banks Department is entrusted with the responsibility of regulation and supervision of the banking related functions of primary(urban) cooperative banks
Shri A. Udgata,
Chief General Manager-in-Charge
September 14th, 2012 at 17:33
Dear Sidharth
you can access website of Zee helpline on internet and do the needful.
You also dial CEO of Veerashaiva bank Mr Gadade at Chembur H.O. phone no 022 25228448, 022 25299519 and get updates and share with all. Thanks
September 15th, 2012 at 08:38
when dis matter will solve out!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
September 15th, 2012 at 15:25
court hearing on 17th september to fix liaiblity on the people who did the fraud, ppl pls flood the following id with queries – rbi manager
ksjyotsna@rbi.org.in
Deputy General Manager
Urban Banks Department
Mumbai Regional Office
September 15th, 2012 at 15:27
court hearing on 17th september 2012 to fix the liability on the directors
ppl, please send ur queries to the following id
ksjyotsna@rbi.org.in
Deputy General Manager
Urban Banks Department
Mumbai Regional Office
September 15th, 2012 at 17:47
The GM UBD RBI
Madam
Re : Veera shaiva coop Bank
1. When the depositors will get back their deposit money – it is already over 2 years of delay
2. why do not RBI make a procedure that the day RBI puts the bank in moratorium, only lending and investing and borrowings by the bank be stopped and depositors should be paid their money immediately in case of current and Savings deposits and on due dates in case of fix deposits – RBI is duty bond to make such rules
3. Any bank can not become insolvent in a day or overnight – it is the result of continuous (over a long period) poor risk management and frauds. Then what the bank statutory auditors and RBI auditors were doing in those years – by so called offsite and onsite supervision and how they were allowing good ratings by RBI audits and clean solvency reports from Statutory auditors and Cooperative depatt. authorities – for years together – keeping the bank eligible for deposit taking business. is it not neglligence, dereliction of duty and connivance with bad management – on part of RBI resulting in big problems and loss to depositors
4. Why RBI and Cooperative depatt Registrars and Statutory auditors of the bank, be also not liable equally with Bank’s directors and Management – why they should be spared – why these authorities should not be taken to court for not only being highly negligent, derelicting tn their duties and acting in connivance with bad management of the bank. They are also created and put in place by tax payers to safeguard public from such bad management & frauds. They are equally liable and accountable. What RBI have to say ? or as RBI is a regulator – so it is not questionable – not accountable – it is above the rule of law. ?
Thanks
September 17th, 2012 at 21:43
wht are the results of hearing?????????????????????
September 17th, 2012 at 21:50
wts the result
kindly update
September 17th, 2012 at 23:52
please can anyone update me that what is now lastest update because seriously it was my raining day money…i had struggle lot to get update on this please…
I will be waiting for ur earliest reply..
Thanks
Janyantilal chouhan
September 19th, 2012 at 15:14
the rbi has to accept responsibility for the same
flood them with rti applications and if anyone knows a lawyer, we shd ask for guidance to file a suit against rbi for not doing their duty
siddarth
September 19th, 2012 at 18:11
what happened on September 17 in court – any one knows ?
September 27th, 2012 at 17:56
Dear All , in Veera Shaiva Cooperative Bank case, I understand that next court hearing is fixed for October 22, 2012. in the mean time, for my email of September 15, 2012, I received a reply from DGM, RBI which is REPRODUCED below . It is of no use for depositors. RBI must arrange to pay the depositors from DICGC/Bank immediately.
Sir
Our point-wise reply on the issues raised by you are given below:
1. Bank’s appeal against the RBI’s order for cancellation of its licence is pending with the Government of India.
2. After assessment of the bank’s financial position, when it was ascertained that the bank was not in a position to pay its depositors, all inclusive directions were imposed on the bank. Subsequently, in the absence of any improvement in the financial position, bank’s licence was cancelled.
3. Various supervisory instructions were imposed on the bank over the period depending on its financial position. After assessment of the bank’s financial position, when it was ascertained that the bank was not in a position to pay its depositors, all inclusive directions were imposed on the bank. Subsequently, in the absence of any improvement in the financial position, bank’s licence was cancelled.
4. Appropriate supervisory action, based on the financial position of the bank, were taken in respect of the bank to protect the interest of the depositors.
Regards
K S Jyotsna
Deputy General Manager
Reserve Bank of India
Urban Banks Department
Garment House, Worli, Mumbai
September 28th, 2012 at 09:37
rbi has washed its hands of the responsibility, rti is the only tool we have, please exercise the same
regards
siddarth
September 28th, 2012 at 14:10
The DGM Urban Bank’s Depatt. RBI, Mumbai
Madam DGM
Thanks for your email.
1.Your reply is highly unsatisfactory. in fact , you yourself appear confused about what reply you should give us and that is why point 3 of your reply is just repeatation of point no 2 of your reply. Just see.
2. Your reply has no meaning for depositors. You failed to answer when the depositors will get back their long overdue matured deposits (either from Coop Bank or from DICGC RBI).
3.You also did not inform why Central govt. is sitting on bank’s appeal from over one year and what is RBI’s stand on that and when the decision is about to come to ground level and when depositors will get paid.
4. You say that RBI imposed various supervisory instructions on the bank before deciding to cancel the bank’s licence – how it served depositors – can you elaborate – can you confirm that RBI, while imposing such supervisory instructions, directed the coop bank not to accept new deposits and also not to renew existing deposits – if yes – when such instruction was imposed. I am sure RBI did not do so at all and allowed the bank management to continue to accept new deposits and renew existing ones – all till the date of cancellation of bank’s licence – because of this lapse of RBI, RBI put the public depositors continue to deposit with the bank as for public bank was working fine and public did not know those things wrong which were known to RBI – RBI so is fully responsible for this lapse and need to be taken to task by courts as fully in connivance with bank management and be treated as equal culprits like bank management.
5. did RBI any time issued any Public advertisement on TV or in newspapers that in near future, it is going to cancel coop bank’s banking licence because of bad lending and other acts of bank management, so public should stop depositing any money with this bank – it was never done by RBI. So why RBI is not equally responsible rather it should be more responsible as RBI’s job is to protect public interest by timely regulating the banks. Don’t you agree.
6. I know nothing can happen to RBI as RBI is regulator and have a statutory big Daddy status and Rule of Law does not prevail for such Regulators in India – here Regulators can fine others but no one can fine regulators – even High court may refrain from doing so. Actually court should fine RBI also and pay to the depositors immediately.
7.Any how – the question is when we get our money – even DICGC cover (an insurance cover – highly publicized by RBI/Govt.) do not work when the need arise.
Shame on this system. Atleast insurance should pay instantly (say with in 2 weeks of bank’s failure to pay (from due date of deposit)).
If you have any responsible reply, which can stand scrutiny of High/Supreme Court, Kindly provide. Please arrange to pay the depositors like us ASAP.
Thanks & Regards
Rakesh Chopra
Mumbai
022 28855541
September 29th, 2012 at 11:37
WELL,IT IS LIKE A POST-MORTEM PROCEDURE.YOU HAVE TO DIE TO KNOW THE PORCEDURE.RBI HAS ( RAHTER ITS OFFICIAL) HAS WRITTEN WHAT SHE IS BOUND TO.
YOU WILL HAVE TO THROUGH ALL RITUALS BEFORE YOU GET YOUR HARD EARNED MONEY.
PL.FOLLOW THE PROCEDURE,YOU WILL GET DICGC CLAIM.
October 1st, 2012 at 09:48
Dear Mr. Rakesh Chopra,
Thank you for sharing all the details.
All the defaulters were arrested. Bank does not give any loan without security.
Why can’t the bank recover money from the defaulters by selling their property and other assets?
Also the Bank itself has lots of property. The office space of all the branches are owned by the bank
and are not on lease. The RBI can sell the property and recover the money.
The sum of above amount will be definitely more than the total scam of 80-90crores.
Since last two years, the bank is paying salary to it’s employees and also spending money of the
depositors on paying utility bills of the branches. You can estimate the amount spend by the bank
in last two years.
As the case is delayed by the central government, Can we write a letter to the President of India
to look into the matter and release the money of the depositors? We can take signatures of all the
depositors from all the branches.
The Andheri east branch members had got united and called media and had appointed a lawyer
to file a case. This was around 2-3 months back. I don’t know the latest status of that.
Can we members of Thakur Complex branch meet on a weekend or bank holiday and find out
some way to get our money back?
Any other members who are getting this message through indiancooperative.com and give their
views and inputs. We will have to unite and show government the strength of common people.
Thanks once again for all your efforts.
Regards,
Nirav
October 1st, 2012 at 12:25
Dear Nirav
Branch officials have told us that Economic offences wing has already got the properties of Directors and the bank attached through court – the directors have also filed rejoinder in the court and have also filed appeal to central govt. for getting license back. Liquidator is also appointed by court and we are told that there is stay on his functioning. It is not the RBI’s function to engage in selling bank’s properties to pay the depositors. This is to be done by the liquidator. Yes – the customers can write and take up with Ministry of Finance – Mr DK Mittal , IAS, Secretary, Department of financial services, Govt. of India at II, Floor, Jeevan Deep Building, Parliament street, New Delhi – 110001 and also with The Minister of Cooperatives, Govt. of Maharashtra, Mantralaya, South Mumbai . if Andheri branch customers have filed court case – if we can get feedback from them about what is really happening in the court – will be of great help. India cooperative admininstrators should help in such coordination. Also keep telephoning to bank’s CEO at Phone no 022 25228448 and also file RTI with the Bank’s appointed liquidator – District Deputy registrar (DDR), ‘M’ ward , II floor, Konkan Bhavan, CBD Belapur, Navi Mumbai and find out the latest. Thanks and Regards
October 12th, 2012 at 13:46
Any updates on the issue?
The topic is becoming cold now, and it seems everyone has forgotten the scam.
Those who ate the money are enjoying.. while those whose money is stolen are finding it difficult to spend every day
October 13th, 2012 at 11:03
well,EVERYTHING MOVES AROUND SYSTEM WHEN IT COMES TO OUR HARD EARNED MONEY.ONE HAS TO SIMPLY WAIT AND WATCH,AS IF NOTHING HAS HAPPENED AND TO KNOCK THE DOORS OF OFFICIALS TO SEE WHETHER CLAIM IS PROCESSED.
October 13th, 2012 at 22:04
The next date for hearing in High Court regarding auction is fixed as 22nd October 2012
October 14th, 2012 at 12:39
Mr Kulkarni,
It is unfortunate that People like Dr Kulkarni advise to just wait and watch. We expect people like you Sir,installed after retirement in special organizations (Like ABHAY) created ONLY for helping people in such difficulties, to suggest by the grace of your in depth experience in banking as well as PROACTIVELY take effective steps with institutions that matter (Like Central govt. MOF, RBI, DICGC, Liquidator, State Govt.) in such cases, which are out of box , innovative and which break this dirty system of inactions, lithargy, overdelay and insenstivity towards people’s plight. Kindly suggest the RBI and Coop bank also what steps they should /can take and take fast to help depositors get their money. Being head of ‘Abhay’ At least discuss regularly with Liquidator and Bank’s MD on behalf of depositors and help them as far as possible. This will be a good public service Sir. Kindly do. Thanks
October 14th, 2012 at 12:39
Mr Kulkarni,
It is unfortunate that People like Dr Kulkarni advise to just wait and watch. We expect people like you Sir,installed after retirement in special organizations (Like ABHAY) created ONLY for helping people in such difficulties, to suggest by the grace of your in depth experience in banking as well as PROACTIVELY take effective steps with institutions that matter (Like Central govt. MOF, RBI, DICGC, Liquidator, State Govt.) in such cases, which are out of box , innovative and which break this dirty system of inactions, lithargy, overdelay and insensitivity towards people’s plight. Kindly suggest the RBI and Coop bank also what steps they should /can take and take fast to help depositors get their money. Being head of ‘Abhay’ At least discuss regularly with Liquidator and Bank’s MD on behalf of depositors and help them as far as possible. This will be a good public service Sir. Kindly do. Thanks
October 15th, 2012 at 11:41
well mr. chopra,i am sorry i ihave hurt your feeling.i know where the shoe pinches.in a democracy like india,we have to smell our rights and not enforece them as we like.
those who are guilty are free and it is victim who has to suffer..
October 16th, 2012 at 11:03
Depositors of the liquidated Bhandari Co-op Bank have started receiving their payments (albeit only to the tune of Rs. 1 lac) see this site http://www.facebook.com/Chairman.Board.of.Liquidators
This bank’s licence was cancelled a few months ago before Veershaiva’s was.
Our money is still stuck in Veershaiva, with court date’s being extended. Heaven only knows when we will see the money. One good lesson that I have learnt from this episode is that return OF capital is more important than return on capital. All our holding in solvent co-operative banks have been transferred to nationalised banks and will never ever again in my life, touch another co-operative or scheduled bank.
Same is the case with other investments such as Company Fixed Deposits or NCD’s.
It has been a very costly lesson indeed, but will save me a lot of heartaches in the future.
Hopefully we should see a resolution by 2013. The maximum gestation period for disbursement after cancellation of a bank’s license is around 16-18 months as ascertained from DGCIC website.
October 26th, 2012 at 15:32
Any updates on what happened on 22nd October 2012?
There is no response to the phones. I am currently out of Mumbai and hence can’t visit in person.
October 31st, 2012 at 17:38
Any updates please
November 3rd, 2012 at 21:16
understand that High Court has given next date for Dec 20, 2012. Also The MOF-GOI has refered the matter back to RBI – C.O.- UBD, Mumbai asking for definite recommendations about bank management’s request for giving it back the banking licence and RBI is deliberating about it. This may also again come up in Dec. 2012 at MOF – GOI if by then RBI has submitted it’s views. The management is discussing with many strong cooperative banks as well as Nationalized banks – if any one is interested to take over Veerashaiva coop bank. for depositors, still a long wait. The CEO of the veera shaiva coop bank can be approached at phone no 022 25228448 or 022 25299519 Thanks
November 9th, 2012 at 14:08
A reply email received from DGM RBI UBD Mumbai – for your information pl
”
Sir,
Please refer to your complaint forwarded through e-mail dated September 27, 2012 against the captioned bank. In this connection, our point-wise reply is as follows seriatim.
i). As regards the repayment of deposits, the preparation of claim list of depositors and repayment thereof up to Rs.1.00 lakh will be undertaken by the Liquidator of the bank under DICGC Act, 1961. when the liquidation process is initiated. DICGC will release the payment after verification of the claim list is certified by an appointed Chartered Accountant for the purpose. However, the process has been delayed, as the matter has been sub-judice in the High Court, Mumbai. You are, therefore, advised to approach the liquidator of the bank for repayment of your deposits and for any further clarification in this regard. We are forwarding your complaint to the Liquidator of the bank.
ii). The bank has preferred an appeal under section 22(5) of B. R. Act, 1949 (AACS) to the Appellate Authority i.e. Ministry of Finance, New Delhi, Central Government of India, against the cancellation of licence. The same is still pending with the Central Government and we express our inability to provide any information in this regard.
iii). The supervisory action imposed upon the bank from time to time, was appropriate to the then financial position of the bank and was as per laid down procedure within the framework of provisions of B. R. Act, 1949 (AACS) and RBI Act, 1934, giving sufficient time and opportunity to the bank for improvement.
iv). As regards bad lending and other acts of the bank management, the Commissioner of Co-operation & Registrar of Co-op. Societies, State of Maharashtra has initiated action under provisions of MCS Act, 1960 as the matter is under their purview.
v). The actions taken by RBI were within the regulatory powers and as per the extant policy governed by the provisions of B. R. Act, 1949 (AACS) and the RBI Act, 1934.
Regards,
(Suchitra Maurya)
Deputy General Manager”
November 9th, 2012 at 20:10
WHEN WILL BANK OPEN. MINE IS HUGE AMOUNT .I AM A SENIOR CITIZEN WIDOW AND RECENTLY HAD BEEN OPERATED OF HEART. PLEASE DO NOT PUBLISH THIS MAIL PLEASE CALL ME 022 26153288
December 7th, 2012 at 21:54
I understand we are trying to talk to Mr Gawade or the concerned people at Chembur branch, but the answer is what we get is like a answering machine. We are not complaining about them, but we somebody who can tell us when we are going to get our money, the account holders who have deposited the amount in the bank are our saving which we have earned through our hard earnings. I would like to ask one question to bank is that if we has taken a loan & we would not have paid for such a long time what action bank/banking authorities would have taken, is it so that banks/institutions money is money & common man’s money does not have any value. We as a account holder is not interested in knowning how many culprits has been arrested we want action & our money. Is there any body who is going to help us. Everyday we have debates on the national television related all the subjects, but why no debate or coverage on national television, I feel this make give some weightage to this issue & our government will look into the matter & will give some relief to all the account holders.
December 8th, 2012 at 12:16
Depositors may talk to CEO of Veera Shaiva Bank – Mr Gudade at phone no 9869746769 or 022 25220377, 25299519. Depositors should come together and meet the area corporator and Local MLA/MP and pursuade him to raise the issue in Parliament/State assembly. Depositors can also meet the official Liquidator and Dy. Registrar Coop society at Konkan Bhavan and request him to expedite the repayment process. Depositors should start a campaign by writing letters/emails to Mr Chidamabaram – Finance Minsiter of India to order State Bank of India to take over the bank and pay depositors in full immediately. RBI should allow it immediately. Depositors – Governor RBI ko bhi regular letters bhejne chahiye (email address governor@rbi.org.in). Nar ho nirash karo man ko , kuch kaam karo kuch kaam karo, Jag me rah kar kuch naam karo. Deposit tabhi vapas milega – Jab depositors usko vapas lene ke liye sangharsh karenge. Jinka jaida deposit hai unhe advocate hire karke – bank and bank directors par chalte High court case me depositors party ban jana chahiye aur case fight karna chahiye. All India bank depositors association ko active ho kar aage aana chahiye aur depositors ke behalf par court petition lagana chahiye. Ye unki jimmedari hai – duty hai. Andheri aur Bandra ke depositors ko MPs Priya dutt , Shaban Aazmi and Rekha ko mil kar parliament me matter uthwana chaiye and Government se directive dila kar bank ka merger jaldi se jaldi SBI/BOI me order karana chahiye. . Newspapers me likhna chahiye aur matter ko live rakhna chahiye. RBI ke Urban Bank’s department, Garment House, Worli office me jakar – waha par CGM/GM ko milna chahiye aur Memo dena Chahiye.
December 24th, 2012 at 18:37
Any updates regarding dec 20 hearing??
January 1st, 2013 at 11:53
There is no update regarding the Dec 20th Hearing (rreversal of Banking License cancellation) as of 1st Jan 2013. One more date of 7th Jan 2013 has been fixed for the hearing on other matters in Bombay HC.
Lets wait and watch.
January 8th, 2013 at 14:41
Wat happened on the 7th jan hearing? Heard the decision is in favour of depositors.
January 10th, 2013 at 10:51
A new date of 21st Jan 2013 has been given it seems – nothing came off it on 7th Jan hearing. I will be in Mumbai during that time. Will visit the HQ in person then.
February 12th, 2013 at 12:16
any updates after 21st Jan 2013? I came to know that few weeks ago Andheri Branch depositers had a meeting at Vishal Hall. Kandivali Branch depositors are also meeting this Sunday, the initiative is taken by Mr. Tushar Vyas 9223434629. I hope this message reaches to all depositors of Kandivali East branch. Depositors from other branch can also join. The more the number of people more will be the effect and we can decide to take some action.
February 19th, 2013 at 15:20
My family and my retired parents have deposits with the Bank.
I filed an RTI with RBI but received only evasive replies. They ensured that nothing comes out of RTI. The DIGCI response is also humbug.
I suggest we all sign a petition asking for last audited balance sheet and accounts. If there is some liquid cash held, can it not be distributed among the depositors as an interim relief? Should the staff enjoy paid holidays and ac at the expense of depositors?
Neetin
February 20th, 2013 at 13:17
I guess the liquid cash is held in Govt. Securities that pays off interest.
How do you think the employee’s salaries are being paid?
Bombay High Court has given the next date for the case on 28th Feb 2013. There is a remark in the judgement of 21st Jan 2013 that the liquidator can always initiate proceedings for recovery.
Court has also asked to file a detailed affidavit setting out steps taken against borrowers and other persons for recovery of dues of the bank. The affidavit should incorporate all particulars such as the extent of the amounts due and proceedings so far filed for recovery and status of proceedings.
As large no of investors have been affected, the court expects the 2nd to 4th respondents to exercise all their statutory powers. (I presume that this is the RBI and others)
The judgement is available on Bombay High Court website.
Fingers crossed till 28th Feb 2013. Hopefully the winding up procedures will take place in this year and the DGCIC insurance paid. One might have to write off the excess amount above Rs. 1 lac per depositor in case the holding is greater than 1 lac.
February 20th, 2013 at 14:00
Dear Mr Kamath, you appear to be knowledgeable unlike bank staff who give me evasive replies. Firstly, I do not understand how RBI decided to stop payment to depositors one fine day and how this action helps depositor’s interest? Is not RBI supposed to take care of this before the bank went bust by adequate supervision?
Regards,
Neetin
February 21st, 2013 at 11:40
Dear Mr. Khedkar,
RBI did intimate the bank on 27th Aug 2010, before the winding up order was issued on Dec 30th 2011. This letter unfortunately was not put in the public domain and was sent to the CEO. If it was indeed available to all and sundry, it would have caused a run-in by the depositors.
RBI put a moratorium to ensure that existing money in the Bank is protected, so that atleast something can be repaid back. As of March 31, 2011 (figs from RBI), Networth of the Bank was Rs. -52.31 crores, Deposits eroded to extent of 33.4% (33.4% loss in depositors money). Net loss in 2011 was Rs. 36.59 crores.
The depositors are always the last to know in case of any financial problems. The management and statutory authorities have access to financial records and are in a better position to ascertain financial health. Unfortunately Veershaiva stopped sending balance sheets to shareholders after 2009.
There also wasn’t any seriousness on recovery of NPA’s (loans given without proper security/collateral) and they are arguing in court regarding reinstatement of the cancelled Banking License! I am sure there has been no concrete proposal from any other strong bank to take over operations of Veershaiva Bank. If so, communications by other depositors with RBI would have revealed this fact.
RBI has washed off it hands saying that it has taken whatever steps it had to by issuing a note to Veershaiva’s Management. Perhaps the banking rules say this is what it was supposed to do. Now they say, their hands are tied by the court cases regarding reinstatement of Banking License.
The Hon. Court has taken cognizance of this fact in their latest judgement and has asked concerned people to reveal action taken on recovery of NPA. Hopefully, things will move faster in the near future. We need to await the judgment on 28th Feb 2013 to see what action will be taken next.
You can study the judgement on High Court Website by searching for Civil Writ Petition No 8281 of 2012. Details about the RBI figures can be obtained from the press release issued by RBI on 6th Jan 2012 regarding bank’s license cancellation.
Hopefully things will come to a conclusion in 2013. Many depositors have suffered untold hardships for no fault of their own. The prudent takeaway from this exercise would be to not invest in dubious organizations for the sake of extra return. This is a lesson that will stay with my for the rest of my life. I have taken steps to see that none of my family’s money is now in any Co-operative or Scheduled Bank.
Lets hope for the best in the coming days.
Regards,
Prakash
February 22nd, 2013 at 11:48
Dear Mr Kamath,,
Thanks for a detailed reply. I was groping in the dark as to waht to do.
I was never keeping any large sums in the bank, but my parents used to, only because it was the nearest bank, almost in the same building. Unfortunately the day they stopped payment, some redemption had come in the account and a large amount got blocked. The cheque I had given to other party to take out the money also bounced.
One thing is not clear to me, is not RBI supposed to inform the depositors about the state of health of the bank? How does sudden stopping of payments help the interest of the depositors? Is it lawful? Can we obtain lawyer’s opinion? If you already know, I will be thankful to know.
Neetin
February 22nd, 2013 at 22:29
Dear Mr. Khedkar,
RBI usually intimates only the Bank Management about the dereliction in duty from time to time. This information is not released to the general public for cause of fear and panic, and that all depositors asking money back will only collapse the bank.
The funds that depositors invest in any Bank are given out as loans (Advances) to third parties with some funds being retained with the Bank itself (for redemption’s). The bank makes money by charging a higher interest to borrowers than what they pay to the depositors.
Not all depositors need their money at any given point in time and this works to the banks advantage. For every Rs. 100 that a depositor invests, only Rs. 70 can be given out as loan (my understanding).
In case of a NPA, banks have to set aside money as provision for the bad debt. That has to come out of the Rs. 70 they give out as loans. This is the normal exercise with any bank.
Unfortunately in the case of Veershaiva Bank, they had lent out loans from Kandivili Branch to quite a few people which turned out to be without collateral (fraudlent loans). This makes recovery difficult as there is no collateral to be sold to recover money.
The Rs. 100 held was eroded to Rs. 66.6. This would have ultimately created an even larger hole. RBI usually appoints an administrator (as in the case of CKP Bank) to oversee things in case they have no faith in the Bank’s management. Unfortunately though Veerashaiva Bank was warned, they did nothing much to salvage the crisis leading to a moratorium period for 6 months.
The quality of management and standard of governance in the bank was poor. The board was not able to ensure observance of even laid down policy guidelines. Efforts for improvement of bank’s financial position was also not conducive. They tried to hide the true picture for several years in the balance sheets sent out.
The bank could hardly recover anything from the bad NPA’s and since they had no collateral to recover, RBI decided to cancel their license and refund the depositors by paying Insurance.
Unfortunately for us, the new board has filed criminal cases against old directors & people responsible for NPA’s leading to a delay in settling matters.
I presume RBI’s powers are valid under section 35 of the Banking Regulation Act , 1949 (as applicable to co-operative societies). RBI manages the entire spectrum of Co-operative / Scheduled Banks across India and I guess their action will stand up to legal scrutiny. Perhaps a lawyer can offer a considered opinion on whether RBI’s action was just or not. I am not a lawyer so I can’t comment.
The Banking Act can be accessed from the following link:
https://www.pnbindia.in/Upload/En/BANK%20REGULATION%20ACT.pdf
Lets await the courts judgement on 28th Feb 2013.
Regards,
Prakash
March 1st, 2013 at 11:15
Pl. find below initiative taken by Andheri Branch Depositors and they want help and active participation from all the depositors of all six branches of the bank.
A request to all depositors, lets take this matter seriously and get united and force the ministry to take action on the merger.
The signature campaign has started for Kandivali East branch depositors at
Shop No. 21 and Shop No. 4, Dheeraj Regency Cooperative Housing Society, Behind Kulraj Broadway, Off. W.E. Highway.
February 20, 2013
To,
All Depositors and Shareholders
Subject: Support for Merger of The Veerashaiva Cooperative Bank Ltd., Mumbai with an appropriate Co-operative or Public Sector Bank
Dear All,
This is to give you a brief Background of the Bank’s Problems and Update you of the current situation and the efforts taken by us on behalf of all Shareholders and Depositors as well as Mr. V.M. Hiremath on behalf of the Bank Staff for the Merger of our Bank with an appropriate Co-Operative or Public Sector Bank and recovery of the loss.
Due to the default by previous errant management whose actions precipitated to huge loss to the bank and the license was cancelled all of us have been severely affected and our businesses have been hampered due to such mismanagement of funds.
Since the bank has remained closed for operation. :
(1) The case had been registered U/s 88 of the MCS Act, 1960 against the defaulters since December 2011. The defaulters were charge sheeted and arrested on 3rd December 2011.
(2) The bank’s license was cancelled on December 30, 2011.
(3) Upon instructions from RBI, the Commissioner for Co-operation & RCS Pune, appointed the Liquidator Board on 3rd January, 2012.
(4) The Liquidation proceedings of the were stayed by Mumbai High Court and the Board was restrained from taking any action till the Orders were passed by the Appellate Authority in the Appeal u/s 22(5).
(5) In the enquiry U/s 88, The Hon’ble Mumbai High Court has ordered attachment of properties worth Rs. 200 crores and Bank Accounts and Deposits with cash amount of Rs.57 crores belonging to the Defaulters have been attached by EOW and authorized officer u/s 88.
(6) On 9th March 2012, The RBI asked The Bank to submit a proposal for Merger, giving time till December 2012 for the same. However in absence of the management board and due to cancellation of license, and the pending proceedings U/s 88 filed by the bank it has been unable to go ahead for merger proposals.
(7) A rejoinder was filed by previous management with the Appellate Authority –Jt. Secretary, Department of Financial Services in the Ministry of Finance, for quashing of the order issued by RBI and restoration of the banking license. The hearing has been pending due to a representation made by Shri M.M. Kori who is responsible for the current default.
(8) On 27th November 2012, a meeting with Secy, DFS, Shri D.K.Mittal was arranged by NIAFIS. We along with Shri V.M. Hiremath etc. attended the said meeting wherein a representation that Depositors and shareholders are suffering because of frauds committed by the defaulters in collusion with borrowers hence the proposal submitted by Shri. M.M.Kori should not be entertained and the authorities cannot entrust their funds with defaulters who have brought the bank to this situation. A request for expedition of Hearing and assistance for Merger was made by NIAFIS on behalf of all of us. As an outcome of the meeting, the Final Hearing was scheduled on 10th January 2013.
(9) On 8th January 2013, we made a another representation with signatures of approximately 2500 depositors and shareholders to the Appellate Authority as well as the Secretary, Department of Financial Services in the Ministry of Finance to expedite the appeal hearing process and to facilitate an action plan for merger. This was noted by the Secretary and Jt. Secretary, DFS.
(10) An Action Committee has been formed comprising representatives of depositors and shareholders to facilitate in making representations to concerned authorities
(11) On 3rd February 2013 a meeting of all shareholders and depositors was held at Vishal Hall, Andheri (E), Mumbai. In this meeting members of the NIAFIS team briefed all those present of the current status of the Bank and the reasons why Merger is the only solution to a surer and better future. All those present in this meeting unanimously supported the Merger route and also supported the Appointment of NIAFIS as ADVISORS to assist all Shareholders and Depositors of The Veerashaiva Co-Op Bank Ltd., Mumbai in the entire process of merger of the Bank with an appropriate Co-Operative or Public Sector Bank.
(12) This Note is to update you of all the developments that have taken place in this period and our efforts to Restore Operations of our bank vide the Merger Route. This signature campaign is to obtain your approval for proceeding with the Merger Proposal and Appointment of NIAFIS as our Professional Advisors for the same.
(13) It is our sincere, humble request to you to support this signature campaign and assist us and the bank in the process :
• To get the pending appeal made by the bank for restoration of banking license expedited
• To solicit/request issuance of necessary directions to the concerned authority so that the bank be given extension and reasonable time to complete the merger process
• For Issuing directions to dissolve the liquidator board and appoint a new administrative board as per the MCS Act, 1960 to decide and approve the Merger Proposal as per RBI guidelines
• To safeguard the interest of depositors and shareholders of the Bank
• Not to entertain any proposals for revival of the bank submitted by charge sheeted persons or their representatives.
We hope you find the above suitable and look forward to your support.
Thanking You,
March 1st, 2013 at 12:03
Sir,
Though I am not concerned with the aforesiad subject.. But I badly need to have a model “EXPENDITURE POLICY” of an Urban Co-operative Bank .
Would any expert of this website render his kind co-operation in this regard ?
With regards,
Apurba Sen.
March 2nd, 2013 at 11:49
I am with Nirav and if he requires any signature /s from Chmebur area, I will help him. But I could not make out what is NIAFIS?
Thanks, PrakashJi for giving us a primer on fractional reserve banking! Yet I feel RBI has not fulfilled its duty in letter and spirit. I reproduce a letter I recently sent to MINT:
“”The Editor,
MINT
Please refer to the news item about RBI’s ban on Rupee Cooperative Bank. Although a much respected institution in other respects, RBI has failed very badly in protecting the interests of the depositors of cooperative banks. Whenever RBI finds irregularities in a cooperative bank, RBI simply issues a notification one fine day asking it to stop paying its depositors! This has happened very recently in the case of Veershaiva Bank in Mumbai as well. I have seen poor depositors literally crying in the branches when they come to know that they are unlikely to get their money back.
In what way does such a move protects the depositor? What was the mighty RBI doing when the frauds were taking place? Why could it not forewarn the depositors as soon as it finds irregularities in the balance sheets? In the case of Veershaiva bank, it has apparently taken up the matter with the Bank’s board some years ago. Couldn’t RBI have issued press advertisements and forced the management to display the RBI letter on its notice board? Can one say that the department of RBI entrusted with supervision of these banks is working in cahoots with the managements?
NEETIN KHEDKAR
Mumbai
Feb 28, 2013″”
Incidentlay, since you mention that VB has only 66% of assets left. Any other bank will be interested in merger only if the remaining assets are available in terms of bank premises / properties in prime locations? What are your thoughts on this matter?
Neetin
March 5th, 2013 at 14:53
The signature campaign seems to be a nice initiative indeed. I wish I could be a part of it but couldn’t contribute owing to relocation.
When I was in Mumbai in Jan 2013, I could see in the Chembur Branch that only 10% of the outstanding NPA was recovered (this may have changed). As far as I understand (and my understanding may be wrong) the properties and the cash that has been attached by the High Court belong to the erstwhile management (M. M. Kori & others). The offenders who had been granted loans did not pledge sufficient collateral.
As such recovery using sale of properties would be fraught with litigation. We are already aware of judicial delays in the process. If the High Court is indeed able to recover the money and sell the attached properties, it could be more than enough to wipe out the NPA’s and leave some extra cash in hand for restarting operations.
Merger with a sound co-operative/nationalized bank would be the best possible solution for all stakeholders and employees. This would only be possible if the due process of liquidation is stopped and a new board is announced after recovery of seized assets.
Hopefully the initiative taken with NIAFIS will only hasten the process.
The court case date has been renewed to 28/3/2013 as per the High Court website. Lets hope for the best.
Regards,
Prakash
March 5th, 2013 at 16:43
I still think the situation has become hopeless because RBI washes its hands off. Given the mandate to protect the depositors, how can it take up the matter with the management only, knowing it fully well that they are the cause of trouble? Why cant they take up the management immediately to rectify the situation?
If they are afraid of bank run, is it not better that it occurs well before the situation has escalated? Is it possible to join hands against RBI in the court?
Neetin
March 6th, 2013 at 10:30
The action of RBI on various co-operative banks has been tardy to say the least. If you look at the number of co-operative banks that have either been put under moratorium or liquidated in these past few years that speaks miles about the caliber of RBI’s audit of co-operative banks.
It is only in cases where the deposits are huge (and can cause embarrassment to the authorities and politicians) is where RBI has taken cognizance and allowed for a speedy merger. For smaller amounts (by RBI standards) it has at best ignored the small depositor. Going by the state of things in India, all regulators by default claim to work for the common man’s interest. We know what happens in actual practice. The common man bears the brunt of everything.
The Banking Regulation act shows the powers given and adopted by the RBI, and I’m afraid their response and actions would stand scrutiny in court. Filing a case against the RBI wouldn’t serve any purpose other than wasting time and money. We (and our family members) were foolish enough to invest in deposits in co-operative banks for the sake of an slightly extra return at more risk. And that has paid off handsomely to the people who have taken loans! As long as RBI issues licenses to dubious institutions with scant regard for public money, many more cases like Veershaiva will continue to happen.
The only solution would be to vote with your money. I for one have moved my family’s money in nationalized banks (service be damned!) and have started investing in assets rather than strive for income. If at all you have to deal with a co-operative bank in the future let it be in the form of a loan and not deposits. Let them be at the receiving end for a change!
Indian Judicial Laws do not allow for a class action suit as far as I know. Perhaps some legal expert might throw more light on this.
Regards,
Prakash
March 21st, 2013 at 14:33
Does anybody have any update on the court case?
Let us know through this page.
Thanks in advance!
March 22nd, 2013 at 15:35
To all,
Accidentally I browsed through this website when i was trying to find the status of the bank. I also hold a fixed deposit with chembur branch.
It is shameful of mankind who use the philosophy of such a great human as Basaveshwar who actually lived, to cheat or fool public in general.
I am very much grieved of such practises.
April 5th, 2013 at 11:55
Dear Mr Nirav,
may I know the latest developments, if any?
April 6th, 2013 at 23:34
even we also have FIXED deposit of Rs.1.lac at CHEMBUR br. can we have update for bank and recovery of our valuable money at the earliest.
April 8th, 2013 at 06:22
Wow! This can be one particular of the most useful blogs We have ever arrive across on this subject.
April 17th, 2013 at 20:02
i too have a deposit of two lacs its a hard earned money in andheri branch can i have a update of the bank proceedings n recovery of our investment
April 20th, 2013 at 16:49
please inform latest news of veera shaiva bank amalgamation with bank of baroda or other bank as this is the information which the andheri branch gives but does not confirm the date only asks to keep inquiring. the high court has dispossed all the cases.
thanking you
homi