Pune based UCB Cosmos Co-operative Bank has set an example in the sense that its Board has resolved to return the share money of those depositors whose banks were merged for a variety of reasons into Cosmos Bank in the past decade.
A press release mailed by the UCB claims that about 16 weak and sick co-operative banks were merged into it over the last eight to ten years. Due to these mergers, many depositors could securely get back their deposit amounts.
After the merger, Cosmos Bank has effectively has put in efforts to help these 16 banks recover. And Cosmos Bank has returned the entire share money of these banks to their share-holders, the mail claims.
The Board Meeting held last week decided to refund the entire amount of share money to the share-holders of the former banks Sushilkumar Nahata Sahakari Bank, Bhusawal and Unnati Co-operative Bank, Baroda, the release adds.
The process of refund will begin from next week, informed Cosmos Bank Group Chairman Dr. Mukund Abhyankar. There were 14527 share-holders of Sushilkumar Nahata Sahakari Bank and 14622 share-holders of Unnati Co-operative Bank.
The mail also claims that it is number two UCB in the country after Mumbai headquartered Saraswat Bank.
The so called largest UCB, Saraswat Co-op. Bank Limited, swallowed the legitimate dues of a section of the depositors of South INdian Co=op Bank Limited (merged with Saraswat Bank) to the extent of 35%, thanks to a one-sided and defective merger deed. The merger was piloted by none other than REserve Bank of India. State Co-op department was all for winding up the said failed bank and thus wash of the sins of the looters, who looted over Rs.104 crore. While the looters are enjoying, the sufferers, most of whom are senior citizens, are languishing. Saraswat Bank became richer to the extent around Rs.40 crore before of the treachery.