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Money & Banking - Co-operatives


Prudential Bank gets RBI nod to pay up to Rs 20,000

Our Bureau

Hyderabad , Aug. 29

THE Prudential Co-op Bank Ltd has said that the Reserve Bank of India gave it permission to make payments up to Rs 20,000 a depositor.

"We will pay amounts up to Rs 20,000 to all the depositors irrespective of the type of account," bank's Chairman said here on Sunday in a press release. After the payments, 92,000 of the 1,40,000 total accounts would be closed.

The bank has about 1,600 account holders who deposited Rs 1 lakh or more. One third of these account holders deposited Rs 2 lakh and above.

The release said the bank was making arrangements to start the payments. "Depositors may contact their respective branches from September 1 to collect the necessary forms for claiming payments. This is an open-ended scheme and there is no time limit for taking payments from the bank," he said.

In a separate release, Charminar Co-Operative Urban Bank Ltd has asked the depositors, who haven't claimed their money, to submit their claim forms immediately.

Mr P. Rajeshwar Rao, Chairman of the bank, said amounts less than Rs 1 lakh were refunded to nearly 50,000 depositors. "We are paying from the funds received from Deposit Insurance Credit Guarantee Corporation. So far, Rs 5.64-crore worth claims from 49,924 depositors are yet to be made. We advise them to submit their forms before September 30," a Charminar press release said.

The depositors have been asked to contact the respective branches for further details.

More Stories on : Co-operatives | RBI & Other Central Banks | Andhra Pradesh

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