CKP Co-op Bank: No respite yet

rbiThere 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.

Chandrashekhar Lad

August 1,2014

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?

 

Ritesh Says:

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

Suffer?

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?

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Comments ( 9 )

  1. k.shekar

    mr k.shekar– dombivili branch
    there was meeting of depositors in dombivili .two banks have shown interest for take over as per the minister .
    we all have become members of consumer society and requested them to take our case.

  2. ritesh

    I trust totally that all ministers are crooks.

    and if lawmakers are crooks, then its better to forget recovery of money..

    every year more then dozens of banks get closed.

    they are just fooling indian investors… there is no insurance from DICGC also, as case is pending from more then 14 years…. and you still hope??

    there are easy suggestions mentioned in following website, if ministers implement this they have to give away their looted money from us, so why should they will do?

    want to read ?

    http://www.moneylife.in/article/hapless-depositors-of-urban-co-operative-banks/35086/57414.html

  3. venkatesh

    Hi

    We all member across the state and across whoever has accounts with the CKP bank should write a letter requesting a solution, else nothing is going to happen. My dad requires medical attention for his heart and even with the Doctor’s letter the bank is unwilling to allow him to withdraw money from his FD’s. This is our money and we have never signed in for the bank holding back our money. Did the bank ask us when they take decisions on loan sanctions. This is fraud and the allowing such people to get away is really bad and sad.

  4. anita shukla

    I had saved RS 218000 for my daughters wedding to be held on 1st december at dombivali branch now I am stuck and in soup as I CANNOT withdraw my hard earned money.P M says ache din aayenge but at state level situation is such BJP and SS they have their problems. when we middle class will get justice. All the authorities RBI STATE GOVT.AND OTHER authorities should be prompt and take fast decisions.We suffer because of others faults.

  5. sanjay

    i had account with erstwhile south indian coop bank which gone bust and it took 6 years for me to get my principal only back. No interest also amount above 1 Lac was to be forefeited. The directors of said bank who made bank bankrupt are still enjoying life without punishment.Thia is our system.How RBI comes to know bad position of bank overnight? Even RBI officers/ auditors are hand in glove with coop bank culprit directors, but CHALTA HAI approach of us make us suffer.

    In CKP bank case also as learnt a so called businessmen builder politician is defaulter to tune of 400 Cr of CKP bank. If is the case why bank is hesitant to forefeit his all properties in Dadar /Mulund etc. It can auction to get much more than networth of bank. But no will to do as all have already had % received.

    As proven by age old generations experience better to keep money in Gold as even govt bank has no gurantee of ur deposit more than 1 Lac and going by various bank chairman/ director involved in frauds(United bank of india, Syndicate bank to name few) even these govt bank can go bust someday.

    Only action which may yield result is to keep UPOSHAN by all depositors opp bank branches till death. Manage print/electronic media to cover this UPOSHAN and RBI /GOVT will listen to you promptly, else matter will be handeled at govt speed and we MAY(not gurantee) get money only principal below 1Lac after 6-7 years. Till then many sr citizen depositor will be in heaven.

  6. Ganesh

    Despite of so many months passed (more than 8), we are still in vain. I was told that there is a meeting with Hon CM Shri Devendra Phaddanvis for merging of the bank into the other banks. But when this meeting will take place and how much time it will take to get back our money that nobody knows.
    I am in dire need of money and submitted medical claim under hardship allowance. But the staff in the bank has become so unco-operative, that we need to beg for our own money. I am still waiting for my hardship claim.
    Pls solve this problem (either merging / takeover) OR recovering of NPA loans at the earliest. The administrator looks like ineffective.
    In one of the meeting of the bank, Shri Uddhav Thakare send his rep and assured to put his attention into this problem and will resolve all the issues. that was before the state election. Now after many days passed, where is he now and why is he not taking interest to solve the problem of this bank,which once upon a time was very close to his late father Shri Balasaheb Thakare.
    I request Shri Uddhavaji to take up this problem at once for Marathi manooe and Marathi janata. we are suffering a lot as we donot have any other source of income that the interest on the FDs in this bank.
    Pls do the needful without any further delay.

  7. Manoj

    Nobody cares about your hard-earned money. You must know how angry people come together and destroy the Diva station when only “train late” was the reason. If you are silent nobody will hear you. ALL Depositors and Investors should come together on one decided date 31st January 2015 at your branch and rise voice against CKP Bank, Reserve Bank and Leaders. Come with black flags and banners. Call Press and News Channels and let this News spread on TV and in Newspaper. Then only leaders and bank will pay attention and understand that “Don’t Underestimate The Power of a Common Man”.

  8. G C PANIGRAHI

    In whatever happens in Urban Cooperative Bank Sector, the RBI is clearly at fault as statutorily it inspects these banks periodically and monitors them through periodical returns. In most of the cases it delays in taking action against the culprit banks.Whenever it takes action in the interest of depositors, it is too late and the steps taken are ineffective and always the poor depositors suffer where as the scam stars/culprits go Scott free.It is high time RBI should mend its ways or leave the Urban Cooperative Bank supervision to another agency.

  9. margaret namdas

    I HAVE FAITH IN RESERVE BANK. NEW GOVT.IN MAHARASHTRA B>J>P> + SENA WILL LOOK INTO THE MATTER & SOLVE MY PROBLEM. I HAVE TO PAY THE HOME LOAN AS SOON AS POSSIBLE.ONLY PRIME MINISTER CAN SOLVE , CAN GIVE PROPER JUSTICE .

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