A group of people today claiming to represent the interests of account holders and depositors of Rupee Cooperative Bank has opposed the choice taken by the Deposit Insurance and Credit Guarantee Corporation (DICGC) to spend depositors of 21 stressed cooperative banks a sum of Rs 5 lakh inside 90 days.
The DICGC has stated that, following the amendment of the DICGC Act, it will make payments to depositors inside 90 days. Besides PMC, the massive banks consist of Rupee Cooperative Bank, Kapol Cooperative Bank, Maratha Coop Bank, and City Coop Ban, all from Maharashtra. Depositors in these banks have been waiting for years for their cash. RBI had placed the banks beneath its all-inclusive directions, which incorporated restrictions on withdrawal of deposits.
Dhananjay Khanzode, one of the depositors of the Rupee Cooperative Bank, stated that depositors ought to be offered their complete amounts and not just Rs 5 lakh because they have been waiting for years for their cash. He asked depositors to wait for a month because the choice of the Bombay High Court is nonetheless awaited. The Rupee Cooperative Bank depositors had filed a civil writ petition with the Bombay High Court, looking for release of their deposits and action against the existing administrators of the bank.
Khandzode stated that he would method depositors of the other stressed banks as effectively to jointly tackle this challenge.
DICGIC has stated that banks will have to submit a claim list by October 15 and update the position as of November 29 with principal and interest in a final updated list.
Rupee Cooperative Bank, headquartered in Pune, has been beneath strict banking restrictions since of mounting debt.