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Social boycott of defaulters mooted

By Our Special Correspondent

AHMEDABAD April 11. One of the cooperative banks in Gujarat has come up with an idea of ``social boycott'' of the defaulters in an attempt to restore the confidence of the depositors.

The chairman of the Nutan Nagarik Sahakari Bank, Jayantilal Shah, criticised the Government for extending assistance to the sinking cooperative banks and said the defaulters, who led a luxurious life at the cost of millions of small depositors, should be made to pay. He wanted the Government to amend the Cooperative Act to empower banks to recover the money from the defaulters. The banks should be allowed to declare defaulters as such, so that people socially boycott them.

He said he would take up the matter with the Federation of Cooperative Banks and other bodies to build up pressure on the Government for necessary amendments.

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