Financial Daily from THE HINDU group of publications
Saturday, Apr 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 30, 2005 |
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Money & Banking
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Co-operatives Sivaganga co-op bank depositors unhappy over delay in Nabard inspection Our Correspondent
Madurai , April 29 THE depositors of Sivaganga District Central Co-operative Bank Ltd (SDCCB) are unable to withdraw their money as inspection of the four-member team from the National Bank for Agriculture and Rural Development (Nabard), on the direction of the RBI is still to be completed. Early this month, the RBI restrained the bank from functioning due to its poor financial performance. The move attracted wide attention as the bank functioned in the constituency of the Union Finance Minister. The bank had a deposit of Rs 146 crore from its 22000 depositors and the move created a furore. The depositors are unhappy over the prolonged delay in the completion of inspection. According to the General Secretary of the SDCCB Employees Association, the plight of the depositors is unfortunate as they are unable to withdraw their own money. The audit and inspection will be completed soon and a clear picture will emerge within the first week of May, said the Special Officer of SDCCB, Mr R. Jayaram, sources added.
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