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Liquidator's assurance to Prudential depositors

By Our Staff Reporter

HYDERABAD, DEC. 27. The liquidator of Prudential Cooperative Bank Ltd, Amarender Rao, on Monday assured representatives of the Depositors' Association that the cheques issued to members, which had bounced, would be cleared within two days. He would take up with the Reserve Bank of India (RBI), cases of those depositors who had been given tokens for payments.

Y. Veeraswamy, vice-president of the association, who held discussions with Mr. Rao along with 200 depositors, at the R. P. Road branch, told The Hindu that the liquidator had promised to write shortly to the RBI for the benefit of depositors holding tokens. He also promised to make expeditious recoveries from defaulters by constituting 10 to 15 teams. Payments to depositors would be made within six months if the amount was more than Rs. 1 lakh and three months if it was less.

Mr. Veeraswamy said the liquidator gave a commitment to hold review meetings with the association once in 15 days on the progress of recoveries.

The association cautioned the bank that depositors would besiege the branch if the liquidator failed to honour the assurances.

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