Bank should fully settle FD claims

The bank said that it could not repay as the RBI had restrained it from doing routine operations

An agriculturist couple, Haribhau Naik and Vimal Naik, had invested Rs 32.06 lakh and Rs 20.60 lakh, respectively, in fixed deposits (FDs) with Navodaya Urban Co-operative Bank in Nagpur.

On maturity, the couple surrendered their FD receipts. The bank credited the maturity proceeds to their savings bank account but did not allow them to withdraw the amount. So, the couple issued a legal notice. When the bank ignored it, the couple approached the Reserve Bank of India (RBI) and the commissioner and registrar, department of co-operation, Government of Maharashtra. These authorities were of no help. Finally, they filed complaints before the