Depositors of the Madgaum Urban Cooperative Credit Bank (Curtorim branch), after being tried for their patience have given the bank a 10 day ultimatum in order to permit them to access their funds and withdraw their money, failing which they threatened to hold a protest of fast unto death. These depositors had, years ago, deposited the money in the Madgaum Urban Bank. However, the bank was running losses due to which depositors were permitted to withdraw limited sum of money in accordance with the guidelines put down by the Reserve Bank of India.
The said bank now remains with two options i.e. to either go for liquidity or consider merger with another bank. One of the agitated depositors expressed utter displeasure over the situation and said, “We want our money. If the bank does not allow us to withdraw our money from August 2nd to December 2nd, we will fast until death and will not hesitate before taking the law into our own hands. We have no money during the pandemic and the bank is asking us to keep our deposits untouched.”
After local legislator Alexio Reginaldo Lourenco intervened, a meeting was held with the bank officials at the concerned branch. “We have given 10 days time to the bank to provide relief and justice to the depositors. After 10 days, we wilol meet again. If nothing is done, we will decide what to do next”, Lourenco said, after the meeting. The said meeting was also attended by former ZP member Moreno Rebello, Curtorim Sarpanch Rui Menezes and Deputy Sarpanch Simon Baretto.
Commenting on the issue, the bank official present for the meeting explained that, in case, the bank goes for liquidity, 90% of the depositors money can be paid to them.
