Liquidator takes charge at Yavatmal Datey Mahila Bank

YAVATMAL: With the Reserve Bank of India (RBI) revoking the banking licence of Babaji Datey Mahila Cooperative Bank Ltd from November 12, a liquidator took charge of the bank on November 14
November 12 and 13 being holidays, the liquidator, district deputy registrar (DDR) Nanasaheb Chavan, had been unable to take up charge immediately. After taking charge, Chavan tried to send back locker holders who approached the bank on Monday. He asked them to come "after two days", which caused a commotion for some time. Bank customers argued that neither the bank nor the liquidator has any right over the lockers, unless the RBI or any other law enforcing authority empowers him to do so.
RBI had authorised the commissioner and registrar of cooperative societies to appoint a liquidator. In the letter from RBI, there is no instruction to prevent locker holders from operating them. After locker holders questioned the liquidator on this, he allowed them to operate the locker after 3pm, provided they paid the rent till November 30, 2023.
Bank customers alleged that lapses on the part of DDR, the local controlling authority, had led to directors looting the bank by giving loans to their relatives and friends.