Following the cancellation of the Shivajirao Bhosale Cooperative bank’s licence by the Reserve Bank of India (RBI), the state cooperative department has appointed deputy registrar RS Dhondkar, as liquidator. Dhondkar took charge on June 1.
Pravin Walvekar, a member of the Shivajirao Bhosale Bank Kruti Samiti, a group formed to ensure the rights of depositors with the bank, said, “The appointment of a liquidator has brightened the chances of insurance payments and investors can get their money at the earliest. The Deposit Insurance and Credit Guarantee Corporation (DICGC) is liable to pay upto ₹5 lakh within two months of filing a claim with the liquidator. We will push hard for liquidation of properties and the forensic report.”
With the cancellation of licence and commencement of liquidation, the process of paying depositors as per the DICGC Act 1961, will be set in motion, as per the RBI order.
According to the RBI, 98 per cent of depositors will receive full deposits and on liquidation, every depositor would be entitled to a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs5 lakh, subject to the provisions of the DICGC Act.
The RBI has, vide order dated May 28, 2021, stated: “Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 31, 2021. The Registrar of Cooperative Societies, Maharashtra, has also been requested to issue an order for winding up the bank.”
{{/usCountry}}The RBI has, vide order dated May 28, 2021, stated: “Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 31, 2021. The Registrar of Cooperative Societies, Maharashtra, has also been requested to issue an order for winding up the bank.”
{{/usCountry}}As many as 71,000 investors have fixed deposits of ₹5 lakh, while 8,000 investors invested more than ₹5 lakh in the form of various deposits.
In January 2020, the Pune Police registered a case against Maharashtra State Legislative Council (MLC) member and bank chairman Anil Bhosale, bank director Suryaji Jadhav, chief accountant Shailesh Bhosale and chief executive officer, Tanaji Padwal. A case has also been registered against Bhosale’s wife Reshma Bhosale, who is also an accused in the case.
The case was registered under sections 406, 408, 468, 471 and 34 of the IPC and the relevant sections of Maharashtra Protection of Interest of Depositors (MPID).