India, Feb. 17 -- Three days after the Reserve Bank of India (RBI) imposed a six-month transaction ban on New India Cooperative Bank, over 100 account holders of the troubled bank gathered at the Keshav Gore hall in Goregaon West on Sunday to discuss ways of recovering their savings.

Participants spoke about problems with the bank's assurance regarding repaying deposits under Rs.5 lakh within 90 days, the lack of information about what would happen to deposits over Rs.5 lakh, and the long struggle ahead. They then marched to the Goregaon police station to lodge a written complaint against the bank.

Poor hit hard

Mumbai-based New India Cooperative Bank was started in 1968 with the support of the late socialist leader and former defence ...