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News Headlines
NIA arrests six more people and conducts searches at 6 places in Kerala gold smuggling case        Union Minister observes fast as BJP seeks to step up pressure on Ker govt in gold smuggling case        Kerala crosses 25,000 COVID-19 cases as 1,169 test positive        Heavy rains forecast in Kerala this week; Low pressure likely in Bay of Bengal        Shah tests +ve for COVID-19, admitted to Medanta hospital in Gurugram        International passengers with negative COVID-19 test report can skip institutional quarantine: Govt        High time Mehbooba Mufti is released, says Rahul Gandhi        Death toll in Punjab spurious liquor tragedy rises to 104        Trump Says Federal Government Should Seek Death Penalty For Boston Bomber        Khamenei''s top aide praises Turkey''s Hagia Sophia move        IPL GC Meet: Final on Nov 10, Chinese sponsors intact, COVID replacements allowed        2nd ODI: Bairstow, Rashid shine in England''s 4-wicket win over Ireland        Kerala''s COVID-19 tally inching towards 25,000 mark, 1129 ccases, death toll climbs to 82        Kerala police SI dies of COVID-19; first from the force to succumb to the virus        If high command forgives rebels, I will welcome them back: Gehlot        Former SP leader and Rajya Sabha MP Amar Singh dies at 64        Wild fire: 200 homes evacuated in Southern California        Emirati nuclear plant successfully starts up first reactor        Ready to push for continued advancement of China-Nepal ties: Xi        Some 17,000 people hit streets of Berlin to protest COVID-19 measures        
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Business News
Panic stricken depositors mill around bank after RBI caps withdrawal limit
 
Bengaluru: Panic stricken depositors milled around the Sri Guru Raghavendra Cooperative Bank here on Tuesday to withdraw their money, days after the Reserve Bank of India capped the withdrawal limit to Rs 35,000.

The depositors, mostly senior citizens, were concerned about their money deposited in the bank and worried as to how long it might take for the situation to get resolved.

Expressing disappointment about the bank's response to their concerns, many said they were attracted to put their money in the bank as it provided an additional one per cent interest.

Some depositors even tried to compare the situation with another PMC bank like crisis.

Bank officials have maintained that depositors money was 'hundred per cent' safe and are expected to hold a meeting with them on January 19.

One such meeting that was supposed to be held on Monday could not take place.

Meanwhile, Bangalore South MP Tejasvi Surya said Finance Minister Nirmala Sitharaman has been apprised of the matter and was personally monitoring the issue.

"I want to assure all depositors of Sri Guru Raghavendra Co-operative Bank to not panic.

Hon'ble Finance Minister Smt. @nsitharaman is appraised of matter & is personally monitoring the issue.

She has assured Govt will protect interests of depositors. Grateful for her concern," he tweeted last night.

The MP's office in a statement has said that the Finance Minister has even spoken to the RBI Governor and officials on the matter and assured Surya that the government would do everything to protect the interests of the depositors and in the long-term interest of the bank.

The RBI had directed that from the close of business on January 10 "a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account by whatever name called, may be allowed to be withdrawn by a depositor."

According to sources, RBI's restriction was because the bank had seen a default of Rs 350 crore on loans over the past three months.


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KERALA NEWS
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INTERNATIONAL NEWS
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NATIONAL NEWS
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