AIMIM Lok Sabha member Imtiaz Jaleel urged the government to expedite the return of funds to account holders affected by the cancellation of the Adarsh Mahila Nagari Sahakari Bank’s license by the Reserve Bank of India, reports PTI.
Jaleel stated that approximately Rs 1,000 crore belonging to nearly 10 lakh account holders was trapped in 10 different financial institutions.
He emphasized the need for the government to swiftly take ownership of the seized Adarsh Bank properties, sell them, and use the proceeds to settle pending amounts for account holders, submitting a memorandum to the divisional commissioner in Chhatrapati Sambhajinagar.
The Reserve Bank of India had imposed restrictions on five cooperative banks, including the Adarsh Mahila Nagari Bank, due to their deteriorating financial condition.