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Bengaluru:
A yr to the day since India’s central financial institution imposed regulatory restrictions on the PMC Bank, its depositors and ALSO these of THE beleaguered Sri Gururaghavendra Cooperative Bank protested close to the RBI (Reserve Bank of India) headquarters in Bengaluru this morning demanding intervention to withdraw all their cash, which is caught in these monetary establishments.
On September 23 final yr the RBI had put restrictions on the PMC Bank after getting wind of sure monetary irregularities, hiding and misreporting of loans given to actual property developer HDIL.
In January, the RBI began investigating Sri Gururaghavendra Cooperative Bank for monetary irregularities and imposed restrictions, which stay in power. The withdrawal restrict or depositors was Rs 35,000 introduced in January and elevated to Rs 1 lakh in June. Depositors queued as much as withdraw their cash eben within the midst of the COVID-19 pandemic.
As the restrictions proceed, depositors are protesting in opposition to, in accordance with them, a sluggish probe, lack of political concern and RBI’s inaction within the matter.
“The crimes were done by management, but the depositors are the sufferers. This is injustice… Most of the depositors are senior citizens. Many of them have medical problems, children’s education, marriage… Their daily survival has become a problem because they had put all their money in these banks and are completely dependent on the interest,” Harish, a depositor with Sri Gururaghavendra Cooperative Bank, instructed NDTV.
He added that for the previous 9 months many depositors have been surviving solely on the Rs 1 lakh they have been allowed, which could be very tough throughout the ongoing pandemic.
Giving the instance of YES Bank Mr Harish stated, “YES Bank was revived within days, but our audit has not been done yet, no politician has even looking in our direction or helped us. We are not even being able to buy our diabetes and BP pills. We want access to our hard-earned money.”
Another protestor VV Raghavan, representing PMC Bank depositors, stated, “It is a shame on the RBI. When PM Modi and Mrs Sitharaman said YES Bank has to be revived, it was done in two days. The RBI must act and wipe our tears.”
The authorities, which is supposed to work for the folks, has stated nothing until now; it should do one thing for the folks, Manjula, one other depositor, stated.
On July 6, former CEO of Sri Gururaghavendra Cooperative Bank MV Maiya was discovered useless by suicide.
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