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Questions › The Pen Co-Op.Urban Bank Ltd

The Pen Co-Op.Urban Bank Ltd

 shreeprakash Sharma on Sep 25, 2010
Dear Sir, we have Saving As Well as Fix deposit A/c in The Pen Co-Op.Urban Bank Ltd (Khopoli) Branch now it seems that the bank work has been stoped by RBI order for 6 months pl let us know that our fix deposit amount is secured or not & for recovery what are the steps that should be followed by us you can write to us about the feature of above mentioned Bank my mail Add is dadheechshreeprakash@yahoo.co.in
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Answers

N 1404 days ago by
User
shreeprakash Sharma  
????
N 1404 days ago by
User
tpk34  
Same is situation with us . Pl guide us and do communicate with us at following e mail id
tpk34@yahoo.co.in
N 1402 days ago by
User
Rasiksontakke  
Same situation :'( Please give us some clarity... my email id is rasiks@gmail.com
N 1401 days ago by
User
sandeepjoshi  
I am also one of the investors of PCUB Pen Branch. Let us unite for survival do contact me at smjoshi16@yahoomail.com or 09373710001
N 1401 days ago by
User
ajitcakjt  
All Branches of The Pen co-operative bank should declare the list of all NPA accounts to general public.and Realisable security value of respective accounts. also details of non compliances due to which RBI invistigation is initiated should also be published,
ajitoswalca@hotmail.com contact 9822507929
N 1400 days ago by
User
sakshi_it  
I would like to give some more details regarding this.
This Pen co op urban bank has around 18 to 20 braches all over maharashtra.
Its head office is at Pen.Outside public knows that there are some non complience issues raises during RBI audit.So RBI asked Urban bank to stop all the functions.Now this bank is giving only 1000 rs to customers on daily basis.

Now customer needs to stand in a long queue for almost 3 to 4 hrs for getting their own 1000 rs. This distrubution amount is very less.Also if you have FD with this bank then u need to convert those into saving account and then take 1000 rs daily from this saving account.

This is ridiculous. Customers need to suffer a lot due to this bank.People have 10 -10 lacs rs in this bank which they put by trusting this bank. Will these people will stand in queue for collecting their own money?

Also daily this bank is putting new new rules like you should not transfer combined FD in single person account etc.

I am the one who is suffering from this situation. Need to know the resolution asap.

Basic qustions are in mind.
Whats the next step RBI is going to take?
Is government supporting normal public?
what we can do to get our whole money?
Can we put penalty on this bank for this mental torture?
N 1400 days ago by
User
vyass  
Latest new is RBI has disolved its board of directors and appointed administrator .Read Sakal -Mumbai edition dated 29 Sept.The administrator shall take steps as per guidelines of RBI procedure.Let us wait and watch.But as per Banking norms deposits upto Rs. 1 lakh are insured.We hope bank shall start within 2-3 months and we shall get all our money back.

Suhas
N 1400 days ago by
User
vyass  
Latest new is RBI has disolved its board of directors and appointed administrator .Read Sakal -Mumbai edition dated 29 Sept.The administrator shall take steps as per guidelines of RBI procedure.Let us wait and watch.But as per Banking norms deposits upto Rs. 1 lakh are insured.We hope bank shall start within 2-3 months and we shall get all our money back.

Suhas
N 1400 days ago by
User
sakshi_it  
as soon as bank starts, people will withdraw their money asap..then how bank will be function properly?
N 1400 days ago by
User
rahulkulkarni555  
I am Rahul M Kulkarni from karjat(raigad)Maharashtra would like to know about the status of the co-op bank of raigad named Pen co-op bank ltd which is under now RBI guidelines for not working as per standard banking norms and we have been told that all customers can withdraw only 1000 rs per day only from their respected accounts with the effect from 24 sept 2010 and all branches started to work accordingly that and all the customers who has been with the bank for some time now in the trouble .We are bit confused with the money we have put in the our account of the said bank earlier that we will not get it back fully or partially.
The bank also not released any statement according to above subject and neither you.I would be very grateful to you if you could guide us on the above subject and tell us about the exact status of the said bank.

Thanks & Regards
Rahul M Kulkarni

Thanks & Regards,

Rahul M Kulkarni
9373037707/9689787855
N 1400 days ago by
User
phill  
Its all about poltics friends you can understand the loan distrubted to the persons who can not eat a bread by thier money have got more than 25 lacs of loan money which is againt our deposits so for all this responible are the directors and managers of bank. so now if we dont get our money that is their responsblity that they have kept in dark to us any how they same are corporaters (for public) of pen muncipality we shoul ask for thier resignations.

Thanks
A SUFFERER
N 1399 days ago by
User
sakshi_it  
Hey SUFFERER,

will you get your money by getting their resignations?

this is not solving our problem...We need to know the steps that RBI & govenment is going to take to refund all our money...if we get to know the things clearly then only we can think of the solution.

Political parties have lots of money to waste but the common people like us dont have...For getting pulblic attension, these political people can create mess like this...They will be benefited by doing this..

we all need to think about the easiest way to get all our money back...

Any one has nay clue?????
N 1399 days ago by
User
neelam.bgangan  
Dear all,

before the news was out in public, abt the close of operation ..some of the politician have withdraw...cores of rupee from the bank...i was just wondering...in case if bank does not start at all...then will RBI will give us the money back..i think most of the cooperative banks are not supported by RBI.

can we go to RBI and get some answers from them..after all this is the matter of our hard earn money..
N 1399 days ago by
User
sakshi_it  
will RBI entertain you?? :)
N 1399 days ago by
User
phill  
This are the only directors (corporaters) of bank who were using bank vechiles for thier all personel works and other than that they been to mauratius, manali, kashmir, kanyakumari for trip by our hard work money as if they are working for bank to get insolvent.
ITS TRUE note this sakshi_it

A SUFFERER
N 1398 days ago by
User
sakshi_it  
Who runs this consumer forum? Any official from their team is goin to provide us solution or not?
N 1397 days ago by
User
samdaman  
A lot of people suffering and things are getting worse. When the money is stuck
First priority is to get it back and then look for ways to ensure that this does not repeat
again. RBI has never really helped cooperative banks grow and instead has come with
so many more guidelines and rules. Due this we have seen a number of cooperative
banks go bust. Yes this is not the first cooperative bank to go bust. We can corner
the people running the bank who probably are bankrupt by now. What we should do is
ask RBI to clear the air and save the bank so that peoples money shouldn't be lost.
New board of directors or old a bank needs to be saved and RBI has the money but it
would rather people suffer until its busy dealing with its own guidelines and procedures.
N 1397 days ago by
User
sakshi_it  
can we all think about the possible solutions? this consumer forum is not going to help us or what? or we all keep talking to everyone? we need solution...that RBI guy sits at head office PEN who is not bothered to meet anyone outsider...who's going to tell us next steps???its all mess...we need to pray god now...or should leave our money by thiking that we donated our money to bank board...as bhikari
N 1390 days ago by
User
Devendra Deshmukh  
[[[[ On 04 oct 2010
The RBI has imposed a penalty of 1.00 lakh (Rs one lakh only) on the PenCo-operative Bank in exercise of powers vested in it under the provisions of section 479A)(1)(b) read with section 46 the Banking Regulation Act 1949 for voilation of the provision of section 35(2) of the act, ibid.
The Reserve Bank of India had issued a Show Cause notice to the bank in response to which the bank had submitted replies. on careful examination of the bank's reply. the Reserve Bank of India found that the voilation was conclusively established and the penalty was accordingly, imposed. ]]]]]

My question is For 1.00 lakh Rs. RBI was the seal to the bank?
Can any one explain what is the conclusion of the above news which is publish by RBI.

Devendra Deshmukh
N 1389 days ago by
User
arif123  
can we come together and form a forum then hire any lawyer who can advise us

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