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Millath Co-operative Bank s Licence Cancelled Due to Inadequate Capital

Bank fraud: 43 depositors died before getting money | Bengaluru News

In January 2020, RBI imposed a withdrawal limit of Rs 35,000 citing the bank’s bad loans. BENGALURU: The Sri Guru Raghavendra Sahakara Bank Niyamitha (SGRSBN) impasse has been persisting for over 500 days and around 35,000 depositors are struggling to get their hard-earned money back. But 43 depositors have died due to various reasons, including Covid-19, since January last year. In January last year, the Reserve Bank of India (RBI) imposed a withdrawal limit of Rs 35,000 citing the bank’s bad loans. The ceiling was raised to Rs 1 lakh later. Satish Karanth, a mechanical engineer and resident of Kathriguppe, lost his 56-yearold wife Savithri Karanth in March due to breathing issues. “The bank assured good interest rates. We trusted the bank as it was run by our community people. We invested Rs 1 crore, including my mother’s Rs 20 lakh. Now, she despairs every day over the lost money and I don’t know how to console her,” he said.

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