This is 4th Diwali when all the depositors of Rupee co operative bank are without money in hand. Are the politicians and co operative dept. looking forward when all the members die their own death and the problem is solved automatically?
The justice delayed is justice denied. When Modi Govt took the charge that time there was some hope that it will work with sincerity. Some steps also been taken to stop participation of tainted board members for fighting co operative elections, still it should not remain decision for the sake of politics. A real zeal to destroy the bad nexus should be at aim.
Can this forum put pressure on the Govt. to resolve this problem so that at least next Diwali bring some hope to ill fated bank depositors?
Vijay
I C Naik
Cooperative Banks’ Non-performance is very widely known . Why individuals get trapped is a mystery. If it is for greed of lucrative tax free interest, then risks is also to be factored in, Reputation of Individuals on Board is the key, If they are not known for integrity better stay away. When a Bank is in a problem Depositors are first victims. These are unsecured (MOST) funds the bank has got from gullible depositors.
Dear Mr Naik,
Thanks for including my query in your forum but the comments /answer to this which you have given is not justified. Your comments giving the meaning that the individuals are trapped in co operative banks lucrative interest ( Now there is at source TDS and it is not tax free). CO Operative is an important movement of our economy and nation development. Saying that the individuals are trapped means Govt.is trapping the poor depositors is not justifiable. The Govt./ RBI should have full control on the co operative banks and organisations, and that is there, that’s why the restrictions by RBI.It means there is failing something miserably and the poor depositors are in trouble .Does it mean it is because they kept faith on co operatives ?. There is no question of any greed as when the possibility of more interest through co operatives naturally people will go for that, it is the controlling body who is failing and the Govt can not run away from the responsibility. Who decides the members on board and their integrity? In short such issues should be tackled promptly so that depositors will have faith co operatives.