The welfare association of the co-operative banks depositors has announced a protest rally on June 16 against the Reserve Bank of India's (RBI) attitude over depositors' issues.
The depositors of Urban Co-operative Banks (UCBs) have become victims of not only promoters but are also suffering due to negligence by RBI and the registrar of co-operative societies, CC Reddy, the founder trustee of Visu Trust, expressed concern over the prevailing situation in the state.
Addressing a press conference, organised by the welfare association, Reddy demanded that the recovered loan amount be disbursed to the aggrieved depositors of the collapsed co-op banks in the state.
More From This Section
According to him, Rs 69 crore, recovered from the loanees of the Prudential and Vasavi banks alone, had been frozen by the RBI.
Manam Anjaneyulu, the chairman of AP Urban and Town Co-operative Banks Association, demanded that RBI and registrar of co-operative societies also be made responsible to the depositors.