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RETAIL BANKING | Cesar Tordesillas, India
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Depositors demand money from collapsed Indian bank

Hundreds of depositors gathered outside the Veershaiva Co-operative Bank's branch in Andheri in north Mumbai to demand their money back after the bank was taken over by the Reserve Bank of India.

 

The bank collapsed due to various reasons, including overtrading and non-performing assets, sources said.

People demanded that the bank return their money but bank officials said that the accounts were frozen.

The customers also gathered at the branchafter hearing of the RBI administrator's appointment at the bank.

The bank, headquartered in Kolhapur, has several branches in western Maharashtra.

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