Greater Co-Op Bank Denies Crisis Rumours

Recovery proceedings initiated by the Greater Bombay Co-operative Bank Ltd against a clutch of wilful defaulters under Section 101 of the Maharashtra Co-operative Societies Act led to the latter spreading canards about the bank being in deep financial straits and this led to an outflow of Rs 25 crore by way of deposits, according to Narendrakumar Baldota, chairman and managing director, Greater Bombay Co-operative Bank.

The bank, beginning Friday last, faced a run on five of its branches