I and my family had fixed deposits as well as saving bank accounts with the Kapol Bank and now the reserve bank has stopped the bank from giving back the money to the account holders.
Sir, the bank directors and staff-members have done the wrong but why are the depositors made to suffer?
Depositors like me were not consulted when Directors and bank managers of the UCB connived to give loans to them who had no intention of returning the money. Why are we being held responsible and made to suffer by the RBI?
Sir I would request you to please show us remedy for getting our money back.
As this is the position of several of the UCBs as they continuing to indulge into this type of business.
I am a regular reader of your mail and find your information very good and look forward to help from you. The govt of India and RBI must work out a way out so that the guilty and not the helpless depositors are punished.
Note: Mired in mismanagement the Mumbai-based Kapol cooperative bank is under an Administrator since 2014. RBI says this has been done to protect the interests of depositors.
In March this year RBI put Kapol Bank under Direction which, according to last notification will continue tillMarch 31, 2018.
Earlier RBI said the UCB is being professionally run and there is no cause for alarm. But things seem to go from bad to worse for the depositors as is clear from above letter.