One of our readers wants to know the status of beleaguered CKP Co-op bank. Keeping up with the past tradition of being an open platform Indian Cooperative asks anyone having info on the subject to mail it on info@www.indiancooperative.com—Editor
The letter of the anguished senior citizen Mr Vijay Pethe follows
Sir,
Effective 3rd May, RBI has put certain restrictions on the functioning of CKP Cooperative Bank Ltd under section 35 by which accountholders are permitted to withdraw only Rs 1,000/- as one time withdrawal. Many middle class people like me have accounts with this bank in the form of savings bank, fixed deposits, etc.
The bank personnel at Vileparle East branch say that withdrawal is permitted only once in six months. It does not mean that one can withdraw Rs 1,000 each time every day or every week. They also are not able to explain whether the interest accruing to the FDs will be credited to savings bank accounts at the end of every month under monthly interest scheme or whether the FDs can be renewed or maturity proceeds can be credited to savings account on maturity. The RBI circular pasted on the notice board of the bank itself is very vague.
Could you please enlighten me as to whether investments in CKP bank are safe and that there is no need for pre-mature withdrawal of FDs? I am a senior citizen of 76 years age and depend on monthly interest from FDs for personal and household expenses. There are many old persons like me having accounts with the bank.
As your organisation is dealing with the cooperative sector, I thought your guidance will be most useful. I did go through your website but could not get info on CKP bank. Hence this mail. Shall be highly obliged for your kind and early response to this mail.
Thanking you,
Vijay Pethe