Letter to BS: Crucial to bring co-op banks under Reserve Bank's oversight

Senior citizens cannot spread their investments in different banks as monitoring the same and filing their annual IT returns can be cumbersome

This refers to “Beyond deposit insurance” (November 19). The move to raise deposit insurance limit from Rs 1 lakh to Rs 5 lakh, besides the new scheme under consideration for covering wholesale deposits up to Rs 25 lakh should offer adequate protection to retail depositors. Retirees are the most vulnerable section, who invest their hard-earned terminal benefits in neighbourhood cooperative banks, lured by the higher rates of interests offered by them, only to be left in the lurch when these entities fold up for reasons unknown. Senior citizens cannot spread their investments in different banks as monitoring the same and