8 banks sealed in Noida, SBI moves court | india | Hindustan Times
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8 banks sealed in Noida, SBI moves court

The Noida Authority on Wednesday sealed eight bank branches located in residential premises in Sector 19, prompting 83 other banks to shut operation fearing sealing. Darpan Singh reports.

india Updated: Feb 02, 2012 01:38 IST
Darpan Singh

The Noida Authority on Wednesday sealed eight bank branches located in residential premises in Sector 19, prompting 83 other banks to shut operation fearing sealing.

A worried State Bank of India, whose 17 branches face the axe, moved the Supreme Court on Wednesday. The hearing is likely to take place on Thursday. The authority also sealed a play-school, a guesthouse, a placement agency and a biscuit manufacturing firm.

“The court on January 23 gave the banks six weeks’ time to shift their offices,” said SK Dwivedi, the authority’s CEO.

Banks tried to quell the panic. “We will ensure that all the belongings of customers who have lockers are safe. We’ll either shift to temporary locations or set up new branches,” said TM Bhasin of Indian Bank.