BJP's Tejasvi Surya assures Co-op Bank depositors that govt will protect their interests

BJP MP Tejasvi Surya on Tuesday, January 14, assured people that the Central government is committed to protecting the interests of the bank's depositors. He further urged the depositors to not panic. Surya's comments come after the Reserve Bank of India (RBI) capped the withdrawal limit of Sri Guru Raghavendra Co-operative Bank to Rs 35,000. 

He further assured the bank depositors that the situation is not like the PMC bank issue. Speaking to the media, he said, "I have met with many depositors of this bank. To be honest, my family also has an account here. I met the Finance Minister yesterday and today a meeting is underway at RBI with depositors and bank authorities."

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Restrictions on Sri Guru Raghavendra Co-operative Bank

The RBI on January 10 imposed certain restrictions on Sri Gururaghavendra Sahakara Bank Niyamitha. The RBI sent out a notification that read, "In particular, a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn subject to conditions stated in the above RBI directions." 

It further read, "These directions shall remain in force for a period of six months from the close of business of January 10 and are subject to review." 

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As per reports, the Sri Guru Raghavendra Co-operative Bank has been restricted from granting or renewing any loans and advances, make any investment or incur any liability. This includes borrowing of any funds, acceptance of fresh deposits, disbursement or agreement to disburse any payment whether in the discharge of its liabilities and obligations or otherwise.

Along with it, the bank has also been restricted from entering into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets. 

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(With ANI inputs. Image courtesy: PTI)