Pune | Deposit holders of Shivajirao Bhosale Bank get a big relief, deposits amounting to Rs 210 crore refunded
Pune : Policenama online – The account holders having up to Rs 5 lakh deposits in Shivajirao Bhosale Co-op Bank have been refunded deposits worth Rs 210 crore till date. The remaining Rs 71 crore deposits are being disbursed. Of which, deposits worth around Rs 25 crore will be refunded in January. This has brought a big relief to the depositors of Shivajirao Bhosale Co-op Bank.
The RBI had imposed restrictions on the bank due to alleged financial misappropriation by the directors. Depositors could not withdraw more than Rs 1,000 from their accounts. They were facing many issues. The process of refund of deposits up to Rs 5 lakh started after amendments to the central government’s Deposit Insurance Act. This is the first bank in Pune, where depositors have got refunds of their deposits from the DICGC.
When contacted, Dr RS Dhondkar said, “Over 17,000 account-deposit holders had submitted KYC applications for the refund of their deposits. Of them, around 16,000 depositors got back their money. The remaining depositors are getting refunds. The process of submitting KYC forms is still going on.”
Balance amount being given back
Balance amount with interest in the depositors’ account till May 31, 2021 is being refunded. Deposits up to Rs 5 lakh are being transferred to their accounts in other banks, said Dr Dhondkar.
Documents to be submitted with the KYC form (with two photocopies)
Deposit receipt, two photos, aadhar and pan cards, power bill, account numbers of other banks, IFSC code
Bank’s condition before liquidation
– Branches: 14
– No. of depositors: 71,770
– Total deposit amount: Rs 432 crore
– Deposits up to Rs 1 lakh: 63,658
– Deposits from Rs 1 lakh to Rs 5 lakh: 6,300
– Deposits above Rs 5 lakh: 1,812
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