The Hindu : Other States / Orissa News : Bank depositors a worried lot

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Monday, Nov 05, 2007
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Bank depositors a worried lot

Staff Reporter

BERHAMPUR: Mismanagement of the Chatrapur Cooperative Bank in Ganjam district has made its poor depositors doubtful of getting back their money saved in the bank.

Most depositors had saved their money in the bank with the lure of better interest rate. But ironically its management has made more investment in loans than in deposits. And the sufferers are the small depositors who are not able to withdraw the money they had deposited with the bank due to lack of money in the bank. People, who had invested in fixed deposit schemes, have also not received their due sum even after the date of maturity of their deposits.

T. Hadiamma had saved money for her daughter’s wedding in the bank which she is unable to withdraw at the time of the need.

Ashok Kumar Panda, an aggrieved depositor of the bank, blamed presidents of the bank in the past for its present condition.

According to him, the management of the bank gave loans to people of known to them without putting stress on their repayment. Most of the loans have not been repaid since years. It has put savings of depositors in jeopardy. Two months ago, Rs. 43,90,000, the money for compensation of 20 families displaced for the proposed Titanium plant to be established near Chatrapur was also deposited with the bank. But the displaced families are also not able to withdraw the amount from the bank due to lack of funds.

Demonstrations

The depositors have demonstrated several times in front of the bank demanding repayment of their deposited amount.

They have only received written promises from the bank authorities that their money would be returned in due course.

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