Forum Post: Indian* protesters to march 80 km (50 miles)

A Rupees 5000 million scam (USD 100 million), has hit about a hundred thousand account holders in 18 branches of the Pen Co-operative Urban Bank Limited, Pen, District Raigad, Maharashtra State, India. Banking operations stopped on 23 Sept, 2010, under restrictions imposed by India's Reserve Bank of India, the regulator and supervisor of the financial systems in India.

Today (30 October, 2011), over a year after the restrictions were imposed account holders have started on a 80 km (50 miles) march, from Pen (where the bank's head-office is located) to the Mumbai the capital of Maharashtra state. According to Narendra Jadhav of the Pen Urban Co-operative Bank Action Committee the livelihoods of thousands of depositors have been jeopardised as a result RBI actions. He claims that officials of the Reserve Bank of India have acted in collusion with the chairman and the board of directors of the bank in a financial mega-scam. RBI officials are displaying unholy haste in pushing the bank towards bankruptcy proceedings. This they are doing to cover-up their involvement in the scam.

The marchers plan to hit "Varsha", the official residence of the Chief Minister of Maharashtra State, in Mumbai. The marchers will be reaching Mumbai on 3 November, with four scheduled halts: Tara - 30 October, Panvel - 31 October, Vashi - 1 November, Dadar - 2 November. The marchers demand (1) Appointment of a full time administrator (2) Confiscation and sale of the properties of the directors of the bank (3) Action to rejuvenate the banks (4) Setting up of fast track courts for recovery of loans.

99% of the world unite! You will soon be left with nothing to loose.

Source:

1. http://in.finance.yahoo.com/news/Bank-staff-begin-72-hour-ians-3039314770.html?x=0

2. http://www.esakal.com/esakal/20111030/5474010468534846417.htm

3. Indian here refers citizens of India - a country in Asia, and not to indigenous peoples of America.