JAMMU, Sep 19: A deputation of depositors of Citizens Cooperative Bank met President of the Chamber of Commerce and Industry (CCI) Arun Gupta and apprised him of the difficulties being faced by depositors due to restrictions on withdrawals from their bank accounts.
The depositors said that a significant portion of their primary working capital remains frozen, creating serious liquidity problems for businesses whose day-to-day operations and payrolls depend on funds maintained in their Citizens Cooperative Bank accounts. They said the withdrawal limit permitted by the RBI has added to their difficulties and created a sense of insecurity among depositors.
The deputation claimed that several depositors have more than Rs 50 lakh in their accounts but are currently unable to access their funds as required for running their businesses. They said the restrictions have severely affected business operations and, in some cases, resulted in businesses being unable to function due to a shortage of working capital.
The depositors further stated that they had placed their hard-earned savings with the bank to meet essential personal and family requirements, including the education and marriage of children and medical treatment expenses. They said that restrictions on withdrawals have made it difficult for them to access their own savings during times of need.
The deputation urged the government to intervene and provide suitable financial assistance for the revival of Citizens Cooperative Bank. They cited the Rs 366 crore assistance provided in 2022 for the revival of Central Cooperative Bank Anantnag and Baramulla Central Cooperative Bank, and sought similar support for Citizens Cooperative Bank.
The depositors also requested CCI President Arun Gupta to take up the matter with Chief Minister Omar Abdullah, particularly regarding land that, according to the deputation, had been allotted to Citizens Cooperative Bank by the Jammu Development Authority (JDA) several years ago. They said resolving the issue could help the bank strengthen its financial position and become fully operational.
Arun Gupta assured the deputation that he would take up the matter with the Chief Minister and seek intervention for resolving the issues concerning the land allotted to the bank and the broader difficulties being faced by depositors.
The deputation comprised Sanjay Sharma, Rajesh Gupta, Ashish Chopra, Anil Gupta, Sunil Sharma, Anuj Gupta, Raman Sharma, Rajesh Kumar Gupta, Sarang Sharma, Jyoti Gupta, Ankush Vaid, Reeta Gupta, Bhuvneshwari Sharma, Sunita Gupta, Sunny Aggarwal, Sunil Behal, Sunita Vaid, Manoj Gupta, Deepak Gupta and others.