Crowds at Gujarat Industrial Cooperative Bank’s branches

Crowds were found at different branches of ‘Gujarat Industrial Cooperative bank’ across the state after Reserve Bank of India ordered not to release more than Rs. 1000 per depositor until new directives as it was found that the bank’s non performing assets had crossed 30% mark.

GICB has 20 branches in 19 cities of Gujarat including Ahmedabad, Surat, Vadodara, Palanpur, Vapi, Selvas, Ankleshwar, Vyara, Bilimora, Mehsana, Jamnagar, Rajkot, Bhavnagar, Bhuj and Junagadh.

Depositors who rushed to the branches of the bank in Surat in havoc after news paper reports on RBI’s directives to GICB were told by bank officials that their deposits were safe. In Bhavnagar, police had to intervened to control angry depositors in one of the branches of the bank.