[Resolved]  Saraswat Coop Bank Ltd. — Return of remaining 35% deposits to erstwhile South Indian Co Op Bank Account Holders

Address:

Mumbai City, Maharashtra

The South Indian Coop Bank Ltd.which had its head office in Matunga,Mumbai with 13 Branches in Mumbai suburb went into moratorium in Aug.2004.This 85 year old reputed Bank efficiently managed till then went into the hands of a fraudulent politician,Raghavan Sarathy who had rich contacts with ruling Cong.MP Gurudas Kamath.The two alongwith other office bearers of the managing Committee siphoned off the innocent and other elder citizen's hard earned savings very meticulosly over a period of 2 years.They had fictitious account opened and distributed in benami names without taking into account the credentials of the borrowers or their assets. KamalTowing was one such beneficiary in the scam operated by Raghavan Sarathy and Co.He was given Rs.40+ croreswithout any aecurity measures.
The EOW had filed criminal case against the 3 fraudsters and were in prison for 3 months; but enjoying 5 star lifestyle.A depositor's forum was registered to take up the matter with RBI ,State Coop ministry and Central ministry level.
But Who listens to ordinary citizens and that too educated middleclass working sector.
Ultimately,in Aug.2008,under RBI's compulsory merger scheme,the multistate owned Saraswat Coop Bank Ltd.acquired the erstwhile South Indian Coop Bank under RBI's directive.
Initially,they agreed to pay only 55% of the deposits held;then after much pursuation and protests,they increased the amount by another 10%.Those depositors who had deposits upto Rs.1 lakh got the balance amount from the depositor's Insurance guarantee Co.Even after good recovery during that time,they didn't make further disbursements.
It's more than 2 years since they took over;the Bank is not considering any proposal to return the balance 35% deposits to those depositors who had above Rs.1 lakh.Is there any law on land that the Govt.institutes behave such irresponsible way and dupe the citizens for no fault of theirs and escape from punishment?
Already over 500 deaths have been reported since the moratorium period because of panic and helplessness;want of money to take medical treatments and day to day living needs.
I request the Forum to slap notice on Saraswat Coop Bank Ltd.to immediately repay the balance 35 % to the depositors.
The Bank boasts of Rs.20000 Crores Business in the last FY2010 and wants to achieve Rs.25000 Cr.in the Current FY.
At What Cost?Taking the goodwill of the depositors and Blessings of the Sr.Citizens OR by the Bitter Curses and abuses of the depositors.
I pray Justice should not be denied in a democratic Country.
Yours Truly,
Murali