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Depositors' fears allayed

Correspondent

DCCB had suspended operations on May 24 at the instance of RBI


  • Maturity amount of Rs. 2.7 crores due to depositors
  • Bank set to receive Rs. 87 crores assistance
  • Arrangements made for Rs. 10-crore tie-up with Bhimsingi Cooperative Sugars

    VIZIANAGARAM: Allaying fears of depositors of the District Cooperative Central Bank Limited which had suspended its operations from May 24 following a directive from the Reserve Bank of India, bank Chairman M. Simhachalam Naidu appealed to depositors not to panic as the bank had approached APCOB for a loan of Rs. 3 crores on Rs. 38.45 crores the Government had deposited as financial assistance to the DCCB with APCOB in 2004-05.

    At a press conference here on Monday, the DCCB Chairman said the bank was to pay Rs. 2.70 crores maturity amount tot he depositors and it would be settled once the loan amount from APCOB was received. He also hoped that the RBI would soon lift the restrictions.

    Refinance facility

    Giving details of the bank's performance, Mr. Naidu said following the Vaidyanathan Committee recommendations, the bank would receive Rs. 87 crores assistance soon.

    Further, he said though the bank was listed under Section 11 of the B. R Act, NABARD had agreed to provide refinance facility to bank.

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