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Ap To Amend Protection Of Depositors Act

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Our Regional Bureau BUSINESS STANDARD

The state cabinet at its meeting today decided to amend the AP Protection of Depositors of Financial Establishments Act to attach the money, properties and also seize the passports of those persons who owe money to the defaulted urban and rural co-operative banks in the sate.

The amendment was proposed in view of many high-profile borrowers emerging as major defaulters of belaugured urban co-operative banks in the state in the recent past.

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First Published: May 02 2003 | 12:00 AM IST

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