CM, government never helped depositors, says association

'Modi distributing cheques to Genco depositors is a political stunt'

Chief minister Narendra Modi or the state government has played no role in getting back the money of the depositors of General Co-operative Bank (Genco), said Prakash Gajjar, president of the All Gujarat Depositors' Association.

Modi is trying to take credit for getting depositors their money back by handling over cheques to over 59,000 depositors of the bank at a special function organised on Friday in Ahmedabad, Gajjar said.

"We have taken all the pains and fought for the cause of the depositors. We represented to the Reserve Bank of India (RBI), the central government and the Deposit Insurance and Credit Guarantee Corporation (DICGC). As a result, the depositors are getting their insured money back. The chief minister is trying to take all credit by presiding over the special function and handing over the cheques to the depositors. It is a publicity stunt," Gajjar said.

The depositors are getting their monies up to Rs 1 lakh which is insured with the Deposit Insurance and Credit Guarantee Corporation.

Ambalal Motiram, a depositor of the Visnagar Nagrik Sahakari Bank, said, "I have deposited my provident fund and gratuity amount of Rs five lakh with Visnagar Nagarik Sahakari Bank in 1999. Both my kidneys are damaged now and I am left with no money for treatment. I used to look after the 10 members of my family with the interest given by the bank. For the last two years, I have not received a single paise by the bank and I am left with no alternative than to commit suicide."

"I have a deposit of Rs 40,000 with Visnagar Nagrik Sahakari Bank and I need the money urgently for my daughter's marriage early next month. I have even represented to the collectors' office but it was of no use. I do not know where to go and what to do," said G B Panchal, another depositor of Visnagar Nagrik Sahakari Bank.

There are over 28 lakh such depositors in Gujarat, whose deposits of over Rs 3,000 crore are blocked in over 34 co-operative banks, which had closed down in the last two years.

The claims of Visnagar Nagarik Sahakari Bank depositors are pending with the Deposit Insurance and Credit Guarantee Corporation.

"We request the central and the state governments to expedite recovery from defaulters and refund the money to lakhs of small depositors of these cooperative banks," said Gajjar.