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Depositors appeal to RBI: Protect us in bank scams


Date: 24-09-2020
Subject: Depositors appeal to RBI: Protect us in bank scams
BENGALURU: A year after the Reserve Bank of India imposed restrictions on Punjab and Maharashtra Co-operative Bank and Sri Gururaghavendra Cooperative Bank in Bengaluru, depositors of the two financial institutions staged a protest near the central bank’s regional office here on Tuesday, demanding proactive steps to rescue innocent investors. 

More than 50 persons, mostly senior citizens, staged a demonstration against RBI’s alleged silence for more than a decade despite being aware of the Bengaluru bank’s bad performance. 

In their memorandum to RBI, the bank depositors alleged the central bank was giving a high ‘A’ grade to the Bengaluru bank for its credit worthiness ‘from 2008 till 2018-19 and on that basis, nearly 45,000 depositors placed their hard-earned money in it’. 

The depoitors alleged that RBI and Registrar of Cooperative Societies (RCS) officials blindfolded themselves over a period of time and gave ‘A’ grade to the bank for 12 years in spite of it being in the red. The officials helped the bank management attract more and more gullible investors, who are now left to fend for themselves. Auditors of the bank also played their role in obfuscating the real situation, it was alleged. 

“The RBI suddenly changed tack and probably due to some inside information, conducted a surprise inspection of the bank in September 2019. The inspection lasted about 45 days, a very long duration for any inspection that the RBI has conducted even for any huge bank,” the memorandum said. 

“Neither the state government nor its cooperative department has been able to help as they say they have a very limited role in banking regulations, and deposits, loans and advances are under the control of RBI... However, RBI says it has limited control over the bank,” the depositors said, regretting the finger-pointing that the agencies are indulging in. 

Source:-timesofindia.indiatimes.com

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