The beleaguered CKP cooperative bank has found a strong supporter in MUCBF. The Chairman of the Maharashtra Urban Co-op Banks Federation Vidyadhar Anaskar has asked the bank’s account holders not to withdraw their money as this would unnecessarily invite the RBI ban on the bank’s activity.
According to the federation chief, there is absolutely no evidence that the bank has indulged in any financial irregularities. The RBI has appointed an administrator to look into some violations of banking norms by the former management and this does not warrant any panic among the bank’s customers.
Vidyadhar Anaskar added the bank’s financial background is good and the depositors should desist from withdrawing their money in a rash manner. Their money is safe and their panicky behaviour would compound the bank’s crisis.
It is being heard on the grapevine in the cooperative circles that MUCBF support for the bank is an unprecedented step of standing by a bank reeling under the shock of its sudden crisis.