Pune: The RBI has stopped the merger of Rupee Co-operative Bank with Saraswat Co-operative Bank, alleges Rupee Depositors Association. Rs 1,300 crore of five lakh people have been stuck in the bank since 2013.
It was the initiative to transform PMC Bank into a small finance bank. However, the RBI has not taken any action against the rupee, according to the Depositors' Association. Shrirang Paraspatki, Bhalchandra Kulkarni, Sameer Mahajan, Mihir Thatte, Sambhaji Jagtap, Sunil Gole, Rajendra Karve and Sandeep Waghire demanded an inquiry into the delay by the Reserve Bank.
The same justice needs to be done to the bank as it did to PMC Bank. RBI has imposed restrictions on the centenary rupee bank since 2013. The Governing Body is doing well. However, the depositors want the full amount. No matter how large the deposit, only five lakh rupees is welcome. However, if the rupee is merged, the deposit will be guaranteed; However, as many depositors and members are leaving the bank, Saraswat Bank is likely to withdraw its offer as the members of Saraswat Bank are already leaving after the merger, said Bhalchandra Kulkarni.
At the Union Finance Minister level, there was a push for a merger of Rupee Bank with Saraswat Bank. However, the RBI did not consider it. For a month and a half, the bank's administration has not taken any necessary action on the proposal, the depositors' association alleged. Bhalchandra Kulkarni and other members informed that the Union government should take notice of this and take action against those responsible for the delay.