Wriggling out of CKP Bank malaise

Prasanna Gawankar has his Rs 15 lacs locked as fixed deposits in the CKP Bank. He does not know when he would get his deposits, if at all. But he mails an anguished letter and suggests some way out to both the government and the RBI. We produce it verbatim. His words follow:

I am an account holder of CKP Cooperative bank. I & my family have around Rs.15 lacs as fixed deposit in the bank. I do not know the fate of the bank. I searched on the website but nothing in detail is available about CKP bank.

Sir, I do not understand why the RBI has blocked all the money of the depositors. What will be the minimum deposit or amount required reviving the bank?

If the question is only of 350 crores then the depositors can contribute Rs.10000 each (total account holders are more than 5.5 lacs) & keep as a fix deposit with the bank. On which the bank can pay 4% interest to the customers.  The bank can then start recovering the loan amount from the defaulters. The customers will not mind keeping fix deposit of Rs.10000 because instead of losing lacs of rupees after liquidation it is better to have this option.

Our RBI & Indian government is trying to create problems to customers instead of solving them.  RBI is deliberately doing this to liquidate the bank.  Sealing the property of the Chairman & Board or directors who has done the fraud is one more option.

New rule/ guidelines have to be made by the RBI for private co-operative banks. There should be equal no of persons of the RBI or the government officers as Board Members of the bank. They will be responsible for day to day functioning of the bank as per the RBI rules. Allowing few people to operate a bank is risk now a days.

Government should keep their 40% stake in such banks so that such type of scams will not happen.

The government should merge all the co-operatives under Indian Post Office. Only then the hard earned money of the people will be saved. In near future the fate of almost all co-operative banks is going to be similar to CKP Co-operative bank.

Our expert Mr I C Naik, however feels that it is practically impossible to salvage co-operative banks as a few active politicians wielding power protect the delinquent directors. This can be solved only when there is a huge outrage of cooperators against the wrong doers. Voice of sanity has to come from within to be lasting.