A lack of clarity on the inclusion of UCBs in the proposed amendment in the DICGC Act, has led Sahakar Bharati to write to the Union Finance Minister, requesting her to ensure UCBs figure in the list of beneficiaries.
Not content, Sahakar Bharati has also written letters to the Members of Parliament both Lok Sabha and Rajya Sabha. The aim is to apprise the elected politicians of the need to react appropriately when the bills are passed for approval in the Houses.
Those Sahakar Bharati has approached for support include Dr Vinay Sahasrabuddhe, Tejasvi Surya and Dr Bhagwat Karad, Minister of State.
In its letter written to Smt Nirmala Sitharaman, Minister of Finance, Sahakar Bharati first thanked her for initiating Amendment to the Deposit Insurance and Credit Guarantee Corporation Act. “It will certainly give relief to Depositors whose monies have remained stuck for several years”, says Sahakar Bharati.
However, the RSS body adds “From the Press Reports, it appears that DICGC will pay Depositors of only those Banks which are put under Moratorium.”
“It is hoped that Depositors of all those Urban Co-op Banks (eg Pen Urban Co-op Bank Ltd, Rupee Bank Ltd from Maharashtra, Guru Raghavendra Co-op Bank Ltd from Karnataka, etc ) – which are under RBI Directions for several years – will also be covered as a consequence of the proposed Amendment. Some of the Urban Co-op Banks have been under RBI Directions for over 7 to 9 years”, reads the letter.
Sahakar Bharati feels that if the proposed Amendment does not cover Urban Co-op Banks, which are under RBI Directions for several years, the purpose with which the Amendment is being brought viz. to provide relief to the Depositors of the stressed Banks, will not achieve the desired result.
Demanding UCBs’ due, Sahakar Bharati says “Hence, we request you to please ensure that Urban Co-op Banks which are under RBI Direction for several years are duly taken care of by the proposed Amendment.
The letter written to Dr Vinay Sahasrabuddhe says “When the Bill is presented in the Rajya Sabha, we request you to ensure that all Urban Co-op Banks, which are under RBI Directions are also included to provide Relief and not just those Banks which are put under Moratorium.
Tejasvi Surya, MP from Karnataka and a fiery leader has also been approached by Sahakar Bharati on the issues asking him to raise his voice in the Lok Sabha when the Bill is presented.
Sahakar Bharati has also approached Dr Bhagwat Karad, Minister of State seeking his support in the matter.