One of our readers wants to know the status of beleaguered CKP Co-op bank. Keeping up with the past tradition of being an open platform Indian Cooperative asks anyone having info on the subject to mail it on info@www.indiancooperative.com—Editor
The letter of the anguished senior citizen Mr Vijay Pethe follows
Sir,
Effective 3rd May, RBI has put certain restrictions on the functioning of CKP Cooperative Bank Ltd under section 35 by which accountholders are permitted to withdraw only Rs 1,000/- as one time withdrawal. Many middle class people like me have accounts with this bank in the form of savings bank, fixed deposits, etc.
The bank personnel at Vileparle East branch say that withdrawal is permitted only once in six months. It does not mean that one can withdraw Rs 1,000 each time every day or every week. They also are not able to explain whether the interest accruing to the FDs will be credited to savings bank accounts at the end of every month under monthly interest scheme or whether the FDs can be renewed or maturity proceeds can be credited to savings account on maturity. The RBI circular pasted on the notice board of the bank itself is very vague.
Could you please enlighten me as to whether investments in CKP bank are safe and that there is no need for pre-mature withdrawal of FDs? I am a senior citizen of 76 years age and depend on monthly interest from FDs for personal and household expenses. There are many old persons like me having accounts with the bank.
As your organisation is dealing with the cooperative sector, I thought your guidance will be most useful. I did go through your website but could not get info on CKP bank. Hence this mail. Shall be highly obliged for your kind and early response to this mail.
Thanking you,
Vijay Pethe
VERY SAD TO KNOW ABOUT THE NEWS OF CKP BANK. THIS IS DUE TO TOTAL MISMANAGEMENT OF THE BANK. RBI & STATE GOERNMETN MUST ENSURE THAT CKP BANK MUST HONOUR THE DEPOSITORSS MONEY
IMMEDIATELY.
HARD EARNED MONEY WAS DESPOSITED FOR THE IMPORTANT WORK SUCH AS HOSPITALISATION EXPENSES
WE REQUEST RBI & STATE GVER GOVERNMENT TO ENSURE THAT DEPOSITOR’S MONEY IS RETURNED WITHIN ONE MONTH
I have more than Rs 30 lacs in FDS and about Rs a lac in savings account. Interest on FDS whether to be credited to account and also on maturity of deposits whether the amount will be paid to depositors it is uncertain Neither CKP bank nor RBI is giving clear picture. I am going to file a FIR in Police and Economic Offence Wing of the Mumbai Police about this cheating by the Bank officials who should be arrested and punished severely.
Also all account holders should punish the officials responsible for this mess created by them.
Chandrashekhar Lad
9920874102
I have about Rs.2.25 lacs in FDS and about Rs.1 lac in Saving Account, which I have saved for my daughter’s wedding. Like you even I am feeling why we, the account holders are kept in dark.
When RBI came to know that bank is not following the certain rules and regulations, RBI should have intimated the customers first, before putting any restriction on any further
transactions. After all RBI is regulatory authority body to control the functioning of banks for benefit of the common people.
Like you even I feel that Bank Officials who have created the mess should be punished for the mess created.
Meena
One month ago my sister kept her entire money in FD for her daughter’s marriage, Bank was under the administrative control of RBI than why they have accepted fresh deposit? It was their duty to inform the customers that these FD are not safe with them or to withdraw the money before enforcing such orders overnight.
These orders are to save bank but against customer interest which is not correct. Please tell us what to do to get our money back ?
On 5th May 2014, the Reserve Bank Of India put restrictions on the banking transactions of CKP Co Op. Bank in Mumbai.
After my retirement, I have kept deposits in the bank to get monthly interest for my living. Being a senior citizen, I do not have another sufficient source of income to meet my monthly expenses to run my family.
Because of the RBI restrictions, the Branch Manager, Gorai Branch informed that unless the restriction are removed, they are not in a position to allow withdrawal of the interest amount, or premature withdrawal of my deposits. He also expressed his inability to tell as to when the RBI restrictions will be withdrawn.
The Administrator appointed by RBI should inform the depositors the current status and way out from the mess. Strict action needs to be taken against the Bank Management.
I totaly agree with all comments made . We,the account holders should have been informed beforehand and warning issued. My deposits had matured a few days before this happened and I renewed them in good faith , If timely warning had been issued by RBI many like me would have withdrawn the FD and not renewed it , This is highly unfair to the common man who is always being penalised for others wrong doings. I hope the new government looks into this matter and resolves this as early as possible
I wish to enquire about the reimbursement of FDS with CKP.Is there any process or any path which we can follow? also my grand mother has her hard earned money intto FDS with this organisation.How can our money be retrived? please enlighten me.
Regards,
Kaustubh Shinde
9833728625
I am account holder in CKP co-operative bank,Thane (vasant Vihar Brach)We hundreds of Account holders have our hard-earned money blocked in ckp bank since last 25 days now.without our fault we are suffering a lot.those money is of great use to us ,as being business man i have to circulate those money for my debts , its of a great help if RBI take necessary steps at earliest considering public interest. at-least we should be able to withdraw our own deposits. only 1000/- (one thousand) is allowed by CKP bank.which is hardly of any use.when we require lacs of rupees.
also On RBI web site there is no provision to put complainants on CKP bank.its surprising,account holders are punished when bank is in fault.
I am account holder in CKP co-operative bank,Thane (vasant Vihar Brach)We hundreds of Account holders have our hard-earned money blocked in ckp bank since last 25 days now.without our fault we are suffering a lot.those money is of great use to us ,as being business man i have to circulate those money for my debts , its of a great help if RBI take necessary steps at earliest considering public interest. at-least we should be able to withdraw our own deposits. only 1000/- (one thousand) is allowed by CKP bank.which is hardly of any use.when we require lacs of rupees.
also On RBI web site there is no provision to put complainants on CKP bank.its surprising,account holders are punished when bank is in fault.
https://secweb.rbi.org.in/BO/ComplaintToNodalOfficer.html
I am also suffering from this RBI announcement, pl show me the way to recover our money as early as possible. i think its a time to show common man power.
I am also account holder of ckp bank (Thane & Dombivli Branch). Pl. show me the way to recover my money as early as possible. Without our fault we are suffering a lot for our own money. The latest information on CKP bank will be intimated to depositor on timely basis on the site.Strict action needs to be taken against the Bank Management and penalise them for creating mess.
We request RBI to resolve the problems and try to get the money of despositor within one month.
Hi,
My mother and I have Fixed deposit with CKP bank Thane branch. Due to RBI restrictions we are unable to withdraw our money. Even Staff is not sure about credit of interest amount in month end. can anybody help to resolve this issue and force bank management to issue note on public interest on current position of bank and I tried to login RBI website which is given above but this bank’s name is not in drop down list to launch complain against bank.
the concerned authorities should come out with an official statement to relieve anxiety of helpless depositors
dear friends we must tweet to all ministers of our newly found govt & who evers friends r in press they must carry this news in headlines whattsup /fb/twitter/telegram lest spread news like fire some can help us
Way back in June 2012, the Maharashtra Urban Co-operative Bank Federation’s President, Mr.Vidyadhar Anaskar stood by CKP Bank and appealed to all account holders not to withdraw their money. I would like to know what he has to say now. It not fair on RBI’s part to penalise the account holders for the bank;s fault. Some intimation should have been sent to us by RBI.
It’s high time someone.. anyone from RBI .. or from CKP Bank can provide some clarity on the status and security of the deposits of thousands of small investors like us. Nothing is worse than a feeling of helplessness and insecurity. The authorities must be open and frank and communicate the actual picture to all stake holders. Whatever RBI has done must have some rationale.. please explain ..
1. By when can we realistically expect the restrictions to be lifted?
2. Is the interest of FDs getting credited to SB account?
3. FDs which have matured in this period, will they be automatically renewed?
The CKP bank mess shows the incapacity of our financial sector apex body..how can the management of the bank run away with our hard earned money…can a person survive on 1000 INR in today’s world…my mother who is a widower and a senior citizen has a account in the CKP Bank Station road branch,thane west…Its really high time that RBI ensures the money to be refunded back to the investors and act very strongly against the management (Board of directors).
I am a retired person surving only on the income of int .becaise of this rrstrictions from RBI poor customers are taken to task
Why RBI has kept the customers in dark and the country’leading authority have left the customers in blank.God only knows who will help us.
My mother & Father both are senior citizens. they have joint A/C in CKP Bank, Thane Station branch. We have deposits with CKP bank from long time, but currently we are not getting any updates about our money. This is really ridiculous & Frustrating. Can somebody from RBI or CKP Bank give us clear idea about our deposits?
What we all can do? instead of discussing we need solution here..
I had kept FD of Rs.50000 for back up of my unemployment situation faced by me constantly being in Private sector jobless situation has to be faced I have to pay Loan EMI and my monthly household expences my daughters fees now how will i survive in my jobless period my hard earned money is enjoyed by immoral cheats is there no place for honest hard working individuals in this country do we have to be like them to survive why is police not arresting this culprits and recovering our money is Chief Minister of Maharashtra listening
Dear RBI,
Putting a restriction on withdrawal of saving account was not at all great practice.
We have kept a money with the bank, so that no one can stole our money. And we can withdraw whenever it required.
The CKP had not followed the RBI norms. Why RBI penalizing to account holder ?
My sincere request, please allow us to withdraw a required amount for needy situation
We all Sr citizens ,depositors of C K P bank expect from the new govt , positive steps to be taken by them at the earliest, not only C K P bank but all such like Pen Urban, Rupee co.op wherein depositors suffer badly particularly Sr citizens who depend only on the interest . Inspite of DICGC, RBI,s rules ,audits why were abnormal distribution of loans were not detected by the auditors? Why action is not taken against directors,auditors who are responsible for this failure of the bank?
i kept my half salary in r.d ….after maturity convert into f.d,,..for best future…in c.k.p bank…..bt now m very tense my money will get or not….so irrisponsiblity of bank managment…..my sugetion to RBI THT convert this bank into nationalise bank,,,,,
I have kept 3 FD with full faith in CKP dombivli branch which have already been matured in May-14.As I am in urgent need of fund I visited the branch to en cash the fds and found this RBI restriction.I faced the same problem 8 years back in South Indian Co Op Bank. ultimately The bank has gone for liquidation. Saraswath Co Op Bank came forward for the rescue and took over but investors got only Rs 1.0 lk (Insurance amount)irrespective of their investment. I lost a couple of lakhs as I had invested a good amount with full faith.Now Iam really worried about CKP and people will lose their faith in all Co Op Bank unless RBI/Government has to step in to avoid such mis managements in future.
Can we file a case against RBI for holding on to the funds of middle class people like me for no fault of mine. Why has RBI restricted the withdrawal of Rs. 1000 / six months so to recover an amount of Rs. 1,00,000/- how many more year do i have to live to recover the full amount ?
My Suggestion is that RBI should ban all Co-operative Banks. Also why did RBI not publish something to warn the general public against dealing with such banks if they new that this bank had a bad liquidity ratio.
Dear RBI
i just cant understand what is going on in ckp bank,we r not allowed to witdraw
our hard earned money from our account
i m having FD with the ckp bank nearly aprox 3.5 lac and m leaving on the intrest comes from therin,
Request to help me recover my money, as i need that for my medical need
or else request to remove the restriction
its the only source of money for my living
mo..9967920812 ….. Sr citizen
dear all we should publish this matter in media n social networking, why local citizen should suffer this is our rights money, government should inter fer in this matter all are middle class account holder
I am thankful to the persons who are aggrieved like me and have narrated their difficulties.
I may mention that Mumbai Grahak Panchayat has decided to help bank customers by holding periodic meetings with RBI authorities and solve the problem as soon as possible. The bank customers must become members of the MGP and contribute membership fee. If necessary, MGP is willing to move the courts for redressal, as declared by Shri Shirish Deshpande, MGP activist at a Vileparle meeting some days ago.
I however would like to thank the CKP officials for deciding to credit the interest on FDs under MIC scheme to the savings account at the end of the month. Interest for May is already credited and customers can get their passbooks updated though they cannot withdraw more than Rs 1,000 if they have not done so far.
Hope the problem will soon be solved. Patience does pay after all.
Hi…
I have a fixed deposit with CKP Bank and just on 29th of April when I went to withdraw the same the bank staff said that it would be better to renew the same instead of withdrawing. This is utter cheating by the Bank Staff. When they knew of such a sitaution why did they do this. I have an ailing mother who is staying with me, I wanted some funds to take care of her. Can anyone tell me whether I can withdraw money from my FD for this purpose. and if so how?
thanks in advance
Can anyone inform about current status of the bank/
The staff are getting free salary as there is no work for them but they come and get the free salary. This same staff cheated in collusion with the management thousands of depositors of their hard earned money.
The staff should be kicked out and they including the management should not be paid any salary or other amount why should they be paid the salary out of depositors money.
Also police and economic offence wing of Mumbai Police should investigate the case and find out the culprits in giving the loans to themselves and their own relatives and friends who were not worthy of getting even a rupee.
The Corrupt staff and management should be arrested and they should be applied third degree to find out the truth and their property should be confiscated
Even otherwise, with curses of thousands of people whose money was stolen those who are corrupt and fraudulent will suffer and their family and children will also suffer due to the bad deeds of them.
They will suffer with bad health and incurable deceases.
This is the SHAAP of all depositors
All staff of CKP bank are paid their salary even though none of the depositors get anything more than Rs 1000 All staff should be terminated as they do not have any work left. why are they paid salaries out of depositors money when the depositors do not get anything more than Rs 1000
All fraudulent staff should be arrested and punished for swindling the depositors money
All staff should be removed and terminated as they do not have any work left.
Dear Sir,
Is there any latest news on CKP bank, heard about some merger talks , can we get any info about the situation is it improving. Bank employees do not have any info everyone is pointing towards RBI
There is no news yet. Tried to contact branch officials several times but they are showing helplessness in knowledge of any merger talks. Remember what happened to Rupee bank ? no merger is happening for 2 years and depositors are in total dark, same as CKP. Hope something happens on merger side. That’s the only way to get back our money.
There is no news yet from grahak manch. Tried to contact branch officials several times but they are showing helplessness in knowledge of any merger talks. Remember what happened to Rupee bank ? no merger is happening for 2 years and depositors are in total dark, same as CKP. Hope something happens on merger side. That’s the only way to get back our money.
Pl.refer Marathi samana daily of 19th august.
Rbi appointed office Mr subhah Patil informs
that recovery action plan is prepared by rbi
and ckp bank to recover the loans.It may take
one year for recovery and depositers money
will be paid thereafter.
The Administrator Mr subash Patil should publish and also affix on the door of the CKP bank the amount of Loans and advances recovered .this should be published every month and also should disclose the financial position of the bank at the end of each month for the benefits of all depositors. Also please clarify Mr Subash Patil why the salary is being paid to the staff of the Bank when they do not have any work left.
All depositors should be informed as above about the amount recobered so far and the balance to be recovered. As a qualified Chartered Accountant I am willing to help Mr Patil in any way he wants for compiling the information about the recovery and the balance and the classification of balance advances.
Please call 9920874102 Chandrashekhar Lad
Sir, It is my fate I put all my hard earned money of more than 15 lacs which includes my PROVIDENT FUND & GRATUITY I EARNED. I had kept all these in FD to get my family life going smoothly. The Bank was near my home at Vasant Vihar and they were offering better interest, so naturally a bank being there in existance more than 10 years I put my money.
Now they have royally cheated us. We all have to get back our hard earned money. we are made to run for our own money. Very Sad! What was RBI doing & what monitoring they were doing when the CKP Bank directors were wrongly investing ?! RBI intervention has made more mess than good to CKP Account holders I feel. Is there a way out or we just have to pray to God !!
This is similar to the South Indian Cooperative Bank which busted on 9th August 2003. Many people especially the south indian senior citizens and retired people had invested their entire life savings. Due to stoppage of income these people found very difficult even to exist and many had taken their lives, despite owning lakhs of rupees. The then chairman of the south indian bank who had swindled the money was given police protection when mob entered the bank to take him to task. Finally after day and night toiling, using high level influences, including then Finance Minister P.C. Chidambaram’s blessings, the matter was sorted after over five years, by merger with Saraswat Cooperative Bank. The account holders had played a very crucial role in acquiring ties with Saraswat Bank. Being election time, this is the right time to strike it ie. take the matter to politicians like Shri. Kirit Somaiya and see whether something can be done.
Is the rbi sleeping over the ckp bank issue,
Why have they restricted account holders money and not the staff salary.
Is there any latest update on the recovery of money. Anyone above has got their money back?
If yes, pls share ….
what is the latest position can anybody tell the public