Sahakara Bank Chairman says depositors money 100% safe after RBI imposes restrictions
Sri Guru Raghavendra Sahakara Bank Chairman K. Ramakrishna said that their depositor’s money is “100 per cent safe” with the bank after the Reserve Bank of India imposed its restrictions on the lender.
“Your money is 100 per cent safe with Sri Guru Raghavendra Sahakara Bank. It’s my responsibility,” Ramakrishna said at Sri Guru Narasimha Kalyanamandira auditorium, to assure depositors.
Because of these 62 dud loans, the Reserve Bank of India (RBI) had restricted the lender from executing business, he said amid shouting by depositors.
To assuage customers, the call to an assistant commissioner of police by Bengaluru South MP Tejaswi Surya -not present – was relayed on loudspeaker live and the MP claimed that he had spoken to Finance Minister Nirmala Sitharaman to help the customers.
He further said that he would meet customers again on January 19 with all the details and numbers.
Earlier, thousands of customers threatened to go en masse to the police station and file a case against Ramakrishna. As he addressed the gathering in Kannada, hundreds of depositors shouted back at him seeking clarifications.
“The bank is saying I can’t withdraw more than Rs 35,000. In case of our fixed deposit maturing, we will have to renew it as we can’t encash it, ” said Nagaraj, who has been dealing with the bank for the past six years.
The lender had invited depositors to the auditorium at 6 p.m. to update them on the bank’s status, following an RBI directive restricting the bank from doing business with immediate effect.