| "Recurring agents were issued pay orders of Rs 15 lakh by the bank. It is now refusing to pay any money to the agents," said K R Anil, president, Royale Bank Dainik Bachat Hitvardhak Samiti, which represents the agents. |
| "The Royale Bank is not renewing the fixed deposits that have already matured. The bank is not paying the commission of the agents, and is also not paying the dues of over Rs 1 crore to the recurring account holders. We have raised the issue several times with the bank chairman Jitu Modi, and managing director Parul Shah, but they are yet to respond," Anil said. |
| The bank chairman refuted the allegations. |
| "Before the bank was caught in a crisis, we asked the agents to collect their commission. Even if we want, Royale Bank is now barred from making payment of over Rs 500 to any depositor or agent, on account of the Reserve Bank of India (RBI) restrictions. The agents should understand the situation before making any allegations," Modi said. |
| The president of the agents body also lashed out at the district registrar and bank administrator R R Waghasia. |
| "Since the day Waghasia was given charge as the administrator of Royale Bank, we have been seeking time to meet him. He has hardly turned up at the bank, and has certainly not responded to our plea," Anil said. |
| "We will launch a non-violent agitation in the coming days, if the bank does not settle our accounts," he added. |
| Waghasia is out of Surat and could not be reached. |
| The membership of Royale Bank was revoked by the Surat Bankers Clearing House on October 6, as it failed to meet the daily clearing requirement. |
| Restrictions were clamped on it under Section 35 (A) of Banking Regulations Act by RBI on October 13. Waghasia was appointed as the bank administrator by the state government on November 29. |
| The total number of depositors of Royale Bank is around 20,000 with deposits of Rs 14 crore. The bank's total loan advances stand at Rs 17 crore. |
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