JAMMU, Oct 5: A delegation of depositors and account holders of Citizen Cooperative Bank on Monday met President of the Chamber of Commerce & Industry (CCI), Arun Gupta, at Chamber House and apprised him of the hardships and mental agony being faced by thousands of depositors following regulatory restrictions imposed by the Reserve Bank of India (RBI).
The depositors said they had entrusted their hard-earned money to Citizen Cooperative Bank with the legitimate expectation that their savings would remain secure and could be accessed whenever required. They stated that the restrictions on withdrawals had created serious difficulties for families dependent on their deposits for essential needs.
According to the depositors, many had saved money specifically for their children’s education and marriages, medical treatment and other urgent household requirements. The restrictions, they said, have made it extremely difficult to access their own money when needed.
Businessmen associated with the bank also highlighted the difficulties created by the restricted withdrawal facility. They said limited access to their deposits was affecting their ability to conduct business smoothly and meet day-to-day financial obligations.
The delegation demanded that a clear, transparent and time-bound mechanism be established to enable depositors to access their funds. They also sought special consideration for people facing medical emergencies, marriages and bereavement-related expenses, urging that such cases be dealt with on humanitarian grounds.
The depositors requested the CCI President to take up the matter with the appropriate authorities on priority and work towards protecting the legitimate interests of depositors as well as the future of employees associated with the bank.