Government Should Bail Out Guru Raghavendra Bank Bangalore and save 2 Lac lives

Government Should Bail Out Guru Raghavendra Bank Bangalore and save 2 Lac lives

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On January 10th RBI imposed restrictions on Sri Guru Raghavendra Sahakara Bank and gave directions to recover bad debts of 600Cr.

The apex bank had also in January 2020 capped the withdrawal limit to Rs 35,000 per account holder irrespective of their deposit amount for six months which is approximately 5800 Rs per month and expects people to survive on this meager amount which is not enough for most depositors to buy even their medications let alone survive.

Prominent Persons like Bangalore South MP Tejasvi Surya, meanwhile, asked depositors not to panic as he had spoken to finance minister Nirmala Sitharaman. She has promised to protect the interest of depositors, especially of senior citizens, he said.

The bank is in the middle of a crisis following huge non-performing assets and Reserve Bank of India imposed restrictions from collecting deposits, lending loans and making investments.

After all these months now when Anti Corruption Bureau raided the offices and have found that 1400 Cr worth of deposits have been swindled by the President Ceo and their families.

I have personally walked into the branches to inquire status of my deposits and have been live witness to Seniors flocking in and the sight only bought tears down my eyes when i saw elders with health issues unable to walk properly or even stand come there to find out the status of their very lively hood which is in the verge of doom.

A PIL was also filed in the high court and the Bangalore South MP Tejasvi Surya represented as lawyer and Speaking on the case, he said,

“The Bank has more than 150 institutional depositors and they in turn have 2.5 lakh depositors. Most of these depositors who were affected are from my constituency.

It had become a moral and social responsibility to ensure that their life savings are protected. I have worked with RBI, the government and the depositors since early this year to ensure that this issue is resolved. The Bank management was trying to secure a stay on the appointment of the Administrator."

We are sure that all legal tasks are being done and looked into however who will answer to the cries of people who do not have money for very sustenance, we all have time tested and known that Courts, cases inquiries will take its own time and sometimes years. many depositor may have passed on to the next life by the time they see some ray of hope. we request the govt to intervene and bail bank out and then conduct these so said forensic audits or fact check mission to nail down the culprits.

We Request the Govt to bail out the bank and save lives of at-least 2 lac depositors of the bank and societies who have deposited funds with the bank and hand over case to CBI for through inquiry and recovery of funds from the President and CEO also to auction of assets of borrowers who are NPA's. Once bailed out to be merged with a bank of good standing and stature to continue operations.

Kindly Sign our petition requesting the Finance Minister and Our Prime Minister to intervene and Bail out the bank and save numerous lives while also handing over the CEO and President with their associates to CBI for recovery of funds.