No crisis, enough banks in commercial area: Noida | india | Hindustan Times
Today in New Delhi, India
Feb 22, 2017-Wednesday
New Delhi
  • Humidity
  • Wind

No crisis, enough banks in commercial area: Noida

india Updated: Jan 23, 2012 01:10 IST
Darpan Singh
Darpan Singh
Hindustan Times
Arun Kumar

Noida Authority chief executive officer (CEO) SK Dwivedi said even if all banks operating from residential premises were shut and not relocated, this would not create "much of a problem". The Supreme Court on December 4 ruled banks functioning out of residential premises in Noida must move out in two months.

"Noida already has 70-dd banks in commercial areas. Customers would not face much of problem. We're working on some relocation plans," Dwivedi told Hindustan Times.

The CEO said that the authority has already located 17 lakh square feet of land where banks and other commercial institutions can shift their businesses.

Dwivedi may be "okay" even if the affected banks are shut and not relocated, but banks have their concerns. "About 20 lakh customers of 50 branches of 15 banks are affected," said Arun Kumar, the lead district manager (LDM) who represents all the affected banks' branches.

Hearing a petition filed by banks, the apex court has extended the deadline by two weeks and asked the Noida CEO to appear before it on Monday (today) with his relocation plans.

The banks have submitted in court that they were yet to get alternate space. Banks have approached the authority, besides advertising in newspapers for rented accommodation.

Dwivedi said, "The deadline to move out or face sealing has been extended by two weeks. Any relief to banks can be granted only by the court. Banks want change in land use policies to regularise these establishments. We will do as the court says."

Fearing losing their property, landlords have already told banks to move out.

Meanwhile, the authority has identified 17 lakh square feet of land for banks and other commercial establishments. This land is mostly in new sectors and had been reserved for future use. There are around 50 sectors which are still in the process of development and the authority can easily create commercial spaces.

“In each of the 75 fully developed sectors of the city, there are two to three vacant plots. Banks can take plots on lease and undertake construction,” said an official. Besides, some vacant shops in markets could also be handed over to banks.

Tata Tea’s Anthem of apathy
Partnered feature