Daily Mail India
Daily Mail India

“Worse Than COVID”: Seniors Line Up For Cash At Crisis-Hit Bank In Bengaluru

The RBI is investigating Sri Guru Raghavendra Bank for monetary irregularities (File)


Hundreds of depositors of the crisis-hit Sri Guru Raghavendra Bank in Bengaluru, most of them senior residents, queued up amid the coronavirus pandemic to withdraw no matter they may after the Reserve Bank of India just lately revised the withdrawal restrict to Rs 1 lakh, together with the sooner Rs 35,000.

The cooperative financial institution is beneath investigation for monetary irregularities and a set of restrictions had been imposed early January for six months or till additional evaluate.

The financial institution has many senior citizen depositors whose majority life financial savings are within the financial institution. They rely upon the month-to-month curiosity earned to satisfy their bills.

“Money issues are definitely worse than COVID-19. If we get coronavirus, we will suffer and survive. But what do we do about this financial uncertainty? I have to ask someone to buy me a cup of coffee even though I have lakhs here,” an emotional retired college headmaster, MN Rao, informed NDTV.

While most depositors had been seen carrying face masks, bodily distancing was to not be seen.

“I am 80 years old. The government advises people above 65 years of age to stay at home as they vulnerable, but I have no choice. I know it is a risk to come out, but I need the money. If I run out of money who will take care of me?” mentioned an aged girl exterior the financial institution headquarters in south Bengaluru.

Though the depositors have an choice to switch cash to a different financial institution by means of the National Electronic Funds Transfer system, many should not have one other checking account and like to get their money in hand. This meant lengthy queues.

“I have waited for three hours, but the queue in front of me is still quite long,” one other depositor mentioned.

“Most of us are senior citizens; they should have had more counters. It is dangerous because of COVID-19,” Padmaja Rao, who retired from a media home, informed NDTV, including that he was discovering it troublesome to make his ends meet as he hasn’t obtained any curiosity since January.

To iron out monetary points in a depositor-centric manner, the federal government has appointed Additional Registrar AC Diwakar because the beleaguered financial institution’s administrator.

“We are seeing to it that if someone needs money for illnesses or a chronic disease, they are able to get Rs 5 lakh from their deposit,” he mentioned, including {that a} re-audit is being carried out for the years 2014 to 2019 and, to this point, Rs 22 crore has been recovered.

Mr Diwakar mentioned he’s hopeful that every one account holders can get their a refund. “Some 54 per cent depositors, about 24,000 people, have Rs 1 lakh or less in their accounts. If they are able to withdraw this money, all their dues would be cleared,” he mentioned.

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