A whopping Rs 3,000 crore is lying with 100-odd defaulters of 30 co-operative banks in Gujarat. And 28 of these banks have already been closed down because of liquidity crisis. Now, even after being armed with the new Securitisation Act, which has empowered the co-operative banks to attach properties of its defaulters, they are yet to initiate any action against the defaulters.
Even the process of serving notices has not been started yet at many banks.
The state co-operation department has already circulated copies of the central notification among the district registrars asking them to ensure that the banks use the new legislation under Securitisation Act without delay.
The state co-operation minister, Bhupendrasinh Chudasma, held a meeting with the minister of state for home, Amit Shah, in Gandhinagar, requesting him to ask police officers to co-operate with the management of closed co-operative banks and help them to process attachment of properties of the defaulters.
The main reason for the lack of action, sources say, is that of the 100-odd main defaulters, most of them are directors of these banks, and in some cases, even the chairman and managing directors of the banks.
