RUPEE CO-OP BANK - Owes & Sufferings of Investors
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Rupee Co-Op. Bank was first put under moratorium in 2001. After a year or so, this moratorium was lifted and the administration of the the bank was handed over to the board of directors, inspite of the fact that the un-recovered NPAs were still substantial.
Unfortunately, the bank directors resorted to giving loans freely to anybody, they wanted to favour, and the NPAs kept on increasing at a very fast pace. THE RBI turned a blind eye to the activities being carried out by the bank directors and the favoured employees.
The NPAs increased to such an extent that the RBI was awaken by its alarming debt figures and again imposed moratorium on the bank in 2013, thereby FREEZING all the money of the DEPOSITORS of the bank. GOD only knows what was the fault of the depositors.
It is now, over 4&1/2 years that the depositors money is stuck in the bank. The bank is giving a meagre 2% interest on the deposits and that too after deduction of TDS. There is NO sign of the bank starting its normal operation or giving back the depositors money. All correspondence with the RBI, PMO, CMO and GOM have failed to give a satisfactory reply or a time-bound plant for releasing the depositors money. Even the Minister for Co-Operatives, Govt. of Maharashtra has ordered a stay against filing cases against the the Directors of the Bank.
In such a scenario, the depositors in the century old Rupee Co-Op. Bank are feeling helpless and do not know where to go for getting their hard earned life savings in the Bank. The Senior Citizens, some of whom have even expired, are the worst hit as time is ticking away fast in their life and they are the one who are being deprived of their lifelong hard-earned savings, forcing them to BEG BORROW and live a pauper's live inspite of having their own money.
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