[Resolved] Saraswat Co - Operative Bank Limited — Deficiency in service.
Co-operative Banks, particularly UCBs, hold deposits worth crores from public. When it comes to customer service and accountability, they are the worst performers. They are emboldened by the fact they enjoy immunity from the purview of RTI. Some of the co-op. Banks handle funds running into thousands of rupees. Embesslement of funds is rampant in co-operative banks. Maharashtra tops the list of failed co-operative banks. Saraswat Bank which took over the erstwhile South Indian Co-operative Bank Ltd., deliberately puts off recovery of NPAs. Just one borrower of the said bank owed nearly Rs.50 crore to SICBL. As per merger terms Saraswat is expected to take all necessary steps towards recovery. Here is a bank which has instructed its recovery team NOT TO TAKE any recovery steps against that biggest borrower. Depositors of SICBL are yet to get 35% of their deposits (except those whose deposits were Rs.1 lac or less). If recovery does not take place, the depositors will not get back their money. Will someone look into this serious matter please!!!
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Aug 14, 2020Complaint marked as Resolved