Pune | RBI should act fast to protect interests of all depositors of Rupee Cooperative Bank, says association
Pune : Policenama online – The Rupee Bank depositors rights association has demanded that the Reserve Bank of India (RBI) should not indulge in time wasting tactics and take the decision of merging the bank with another bank to ensure that all depositors will get back their money.
Recently, Saraswat Cooperative Bank had sent a proposal to the RBI saying that it is interested in merging Rupee Cooperative Bank with itself. Earlier, the Mehsana Cooperative Bank based in Gujarat had also sent a similar proposal to RBI.
The convener of the association Shrirang Parsapatki, Mihir Thatte and Bhalchandra Kulkarni were present at a press conference on Tuesday. Since last nine years, the issue of Rupee Co-operative Bank has been pending and depositors are despondent since they have not got their money so far. Funds worth Rs 1300 crore of 5 lakh depositors are stuck with the bank.
In the last many years, the depositors had correspondence with the cooperative department and the RBI but to no avail. Now, deposits up to Rs 5 lakh are safe as per the DICGC norms. Hence, there is a good opportunity for merging the bank with another bank.
However, due to the amendments in the Banking Regulation Act, the RBI has complete control over the cooperative banks. Hence, the association has demanded that the RBI should protect the interests of all depositors.
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