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[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, 2020
Complaint marked as Resolved 
Complaint comments  8 CommentsShareTweet

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Dear sir,
This is with reference to the merger of SIB with Saraswat Bank. When the bank was under moratorium, we were assured that our money is safe and RBI is taking actio9n.
But after a lapse of four years i.e. when the value of money is going down day by day i.e you can imagine the purchasing power of money after four years we have been given only 65% and the balance losses of SIB are put on depositors shoulders and we are the loseres. Where is the 35% money gone and who are the responsible for the losses and what action has been taken against them / any recovery done the details are not publised. Don, t you think that 35% of the total depositors amount totals to more than what amount.
Again we all depositors have deposited fully / partly all our deposits again with Saraswat Bank. What they have done to the depositors of SIB.
If the amount is Rs. 1 lac they have got reimbursement from Insurance Co. But what about the lot of public who have got more than Rs. 1 lac. Why donot they look into the possiblity and pay some amount which is due to depositors i.e even 10% will suffice
Hi,

We also had a fixed deposit and savings bank account since 1986 till it went bankrupt all of a sudden, i did send various emails to RBI asking for the reason and the status of the bank condition and the FD accounts but no reply from them.As u said I was also told abt the 55percent of the total amount of the fd to be paid by the said SARASWAT BANK N the rest 35% they were supposed to give it by 2008 around June or July but till date no response nor any information abt the same where as the directors of the south india co-op bank are movig freely, happily enjoying there vacations with there family and where as we as the investors ..savings/current and fixed deposit account holders have to suffer and have to go thru the agony and pain caused by certain deliberate miscreants from the bank, who is responsible to it???????

My mom is 69 years old, it was her hardearned savings almost around 7-8 lakhs, got stuck in the bank.Everyday she get up and has to walk to the DOMBIVILI EAST SARASWAT BANK FROM MIDC just to know abt the rest of the amount.This is indeed shame on our indian govt and the rules and regulations of the RBI who are not taking appropriate actions agains the people responsible for it whereas everyday we hear about a new scam leading to politicians in to [protected] crores, its all over money, some one has to stand for it and take the initiative, its time for all the INDIANS TO JOIN HANDS AND MAKE THE GOVT TO ACT ON THESE TYPE OF THINGS WHERE THE INNOCENT TAX PAYERS AND THE OLD AGE PEOPLE DONT SUFFER.

Arun
We are senior citizens. We have invested our hard-earned savings at The Saraswat Co-op Bank Ltd. Kandivli West Mumbai back in 2008. The bank has not given us senior citizens discounted rate of interest.

When this FD was renewed in August 2009, we sent an e-mail to deposit our quarterly interest into our bank a/c and we applied for compounded interest. At the time maturity, they are giving us simple interest and not paying us the discounted senior citizens' rate of interest.

Our e-mail is [protected]@yahoo.com

Please help us. Thanks.
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South Indian Bank — not responding

hi sir,
my father buy a shares in long back .now these shares are splited,i want to collect my spliting shares certificates but in hyderabad karvy consults not respond sir,

please help me
I disagree with the stoney silence of Saraswat Bank. I think we will have to politicise the matter to get some support. When it comes to enjoyment of ill gotten money, every politician and political party like blood brothers or sisters. If the loot initiated with the grace of ruling party, the opposition did not lag behind from pocketing what it could by starving the really suffering depositors. From the replies of Saraswat to some compainants, I would whether they would ever ever pay back the 35 % to a few remaining depositors of SICBL.
Irked by the repeated pleas of afected depositors, someone from the Chairman's office of Saraswat Bank has sent nasty response to one of the depositors. The comments are quite unbecoming of the Chairman of India's Co-operative Bank. To another depositor Saraswat Bank has written that the question of payment, if any, to the affected depositors would be considered only after 10 years, that too after paying itself and DICGC of the amounts advanced by them. The evil design of the Bank is quite evident. Reserve Bank is just not bothered about the plight of the depositors. On the contrary, it too wholeheartedly supports Saraswat for its aggrandising posture. What is more, Saraswat is most likely to get permission to transform itself into commercial bank quite shortly. Should that happen, the unfortunate depositors of erstwhle South Indian Co-op Bank can simply forget about their money.
“SARASWAT BANK” truly understands the meaning of the term ‘Co-operative’ in their name and extends this spirit to all their customers, through their well informed, knowledgeable and professional employees, well designed products and impeccable services. The speed, accuracy and efficiency which are all essential in delivering a quality product, are a rare blend found while dealing with “SARASWAT BANK”. More importantly, this all comes at a very reasonable price with total transparency in dealing at each stage.
We (My Father) was banking with Saraswat Bank since when I don’t know!. I am banking since 1990. Earlier we were banking with other banks also but presently are solely banking with Saraswat Bank at Branch Code – 124, & my account no is 2957. I am fully satisfied with the staff, Officers, & Manager. I am proud to be a customer of Saraswat Bank and for having them with us in our consortium.

For your information, very sorry to comment & don’t want to take anybody’s name) I have opened my daughters Campus account (with sullied service) at Branch Code – 007 on 26.06.2013 with deposit of Rs. 500/-, same time Campus account kit was given to her. After couple of days SMS came with different account as No:SBPUB/3579615. When I went to bank regarding the same I was told officer has not come today you can come & meet him tomorrow with Campus account Kit. Next day when I went He asked me returned the Campus account Kit, entered in registered took my signature and informed the staff to issue me a passbook. Same I received. When I asked for campus account another Kit executive at the counter replied to me you collect the Debit card form from the another desk and fill the form, debit card it will come to your residence address.
Now I would like to know this my daughter account is saving account or Campus Account (SBPUB/3579615)?
I would like to open two more my daughters Junior (minor/Kids) account, same may I open as Junior Campus Account !!! This accounts saving is their future studies.
Hope for best to receive reply as early as possible.
Thanks and Regards.
Anugrah John Bhatt.
[protected]

South Indian Bank — SMS Not come

Sir, Today evening around 7 pm I had withdrawn Rs.8000/- from my account No.[protected] through SIB ATM Mavelikara. But unfortunately till this time - 24/08/2013 11 pm Not Received Message in my mobile. Pls take necessary action on this subject. Thank you. Daniel Jacob.

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    Saraswat Bank
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    Saraswat Bank Phone
    +91 22 6600 5555
    +91 22 4157 2070
    Saraswat Bank Address
    Building No. 2, Topiwala Wadi, Swami Vivekanand Road, Goregaon West, Mumbai, Maharashtra, India - 400062
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