Cooperation department of Odisha has urged the state govt to permit Urban Cooperative Bank, Bhubaneswar for refund of depositors’ money up to one lakh out of the funds available with the liquidator of the ailing bank, reports New Indian Express.
Under the terms and conditions of Credit Insurance and Credit Guarantee Corporation, every depositor is entitled to repayment of their deposits up to one lakh.
The cooperation department says over Rs 33.87 crore of deposits of 11,672 account holders were locked in the bank.
The total loan outstanding against 1,546 depositors is more than Rs 42.77 crore while the bank could recover Rs 70.31 lakh since the date of liquidation.