There is no respite for CKP Co-op Bank depositors yet. Petitions and protests have failed to move the government, RBI and top cooperative leaders. Little do they realize that such incidents drive away the trust of people from what is touted as cooperative model?
Through a circular issued in May RBI had said “the CKP Co-operative Bank cannot, without approval in writing from the RBI, grant or renew any loans and advances, make any investments, incur any liabilities including borrowing of funds and acceptance of fresh deposits, according to the central bank’s directions.”
Meanwhile, the desk of Indian Cooperative continues to receive mails from the aggrieved depositors. Not being able to do much in the matter we have decided at least to offer them platform to express their angst.
I am holding fixed deposits amounting to Rs 29 lahs and have Rs 130000 in savings account in Vile Parle branch. I understand that all staff are still working and are paid salaries with our money whereas the depositors do not get any money which is their own.
Why the salaries are paid to staff out of our money. Also what legal action taken against the fraudulent officials and directors/ They should be punished and put behind bar and also thrashed till they tell how the money of depositors was stolen by them.
Kamlakar Bhagwanrao Deshpande Says:
June 9th, 2014
What is the solution and how can RBI make it possible for depositors to withdraw their money?
June 10th, 2014
Unless befitting punishments are not enforced in law system , this scam will go on… every year lakhs of scams happen. One wonders why it is increasing day by day; latest being NSEL scam was in which 5600 crores of 13000 investors money vanished in thin air. To top it all, scamsters are roaming free without any trace of fear. Kudos to Indian Law System!
Chandrashekhar Lad Says:
June 12th, 2014
Today there was a meeting at Vile Parle where the consumer;s forum head guided the customers about the course of action to be taken. He had a meeting with RBI officials and appraised them of the difficulties faced by the customers of the bank whereas the officials of the Bank who created the problem are scot free. He recommended on behalf of the customers of the bank that each customer should initially be paid minimum of Rs 20000 per month as the bank has sufficient funds on the basis of the Balance sheet of the Bank for the year 31-3-2013.
He also said that when some takeover attempt is made the depositors representatives should be present on the committee managing the takeover so as to ensure that the bank gets due value for its assets.
He also recommended filing court case against the RBI and the Management against the circular which according to legal consul of consumers’ federation is illegal. on behalf of RBI saying that the circular says ” in the interest of depositors “the RBI puts restrictions How such restrictions could be in the interest of the depositors and is illegal and should be scrapped by the court.
He also suggested appointing a CA firm to find out the correct financial position of the bank. As a CA my-self I fully agree with him and I could help in this regards free of any charge.
Vijay Gosavi :
June 22nd, 2014
RBI being a govt body should be strict in imposing restrictions. Why are they not that strict enough to solve the problem?
RBI, with the help of proper authority should suggest stern actions e.g. capturing the property of the people who have obtained loan also of the management people who have sanctioned such illegal loans, merging the affected bank into a strong bank. Why should only medium class or poor depositors
Such actions should be quick and fast not in the way government functions at snail’s pace. Are RBI and government waiting for depositors to take up suicide or what?