Maharashtra Minister Yogesh Kadam Urges Swift Refunds To Depositors Under Protection Act

Mumbai: Minister of State for Home (Urban), Yogesh Kadam, has directed all competent authorities to take prompt action in refunding money to depositors under the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, 1999. He emphasized that ensuring the return of depositors’ funds will provide much-needed relief to affected individuals and urged officials to work with dedication.

The minister was speaking at a review meeting held at Mantralaya to assess the implementation of the Act. This was the first such review conducted through video conferencing with competent authorities across the state. Present at the meeting were Deepak Deoraj, Superintendent of Police from the Mumbai Economic Offences Wing, and Deputy Secretary Yamuna Jadhav, among others.

Kadam instructed that the confiscation of properties belonging to defaulting financial institutions should be completed swiftly, followed by an expedited auction process. He further directed all competent authorities to submit detailed, case-wise reports—including information on auction status and court proceedings—within the next 15 days.

The minister also called for a time-bound action plan and prioritization of cases based on the nature of the offence. He stressed the need for regular reviews and a systematic approach to enforcing the Act, suggesting the development of a standard operating procedure (SOP).

To ensure thorough understanding and effective implementation of the Act, Kadam proposed organizing workshops for competent authorities to exchange legal insights and best practices. He concluded by stating that another review meeting would be held soon to assess the progress of these directives