Karnataka - Hubli-Dharwad   

Depositors to get their money back

HUBLI: Assistant Registrar of Cooperative Societies and Liquidator for Maratha Cooperative Bank K.A. Shingoti has said that those who have deposits up to Rs. 1 lakh will get their money back.

Addressing presspersons here on Wednesday, Mr. Shingoti said that since deposits up to Rs. 1 lakh had insurance cover, the Deposit Insurance and Credit Guarantee Corporation (DICGC), Mumbai, had released the amount towards such deposits.

The bank would start distributing application forms to the depositors to claim their money back.

Since the liquidation of the bank was announced on January 29, interest on the deposits would be calculated till that date and the amount would be given to the depositors by way of cheques.

Mr. Shingoti appealed to the depositors not to approach any middlemen or commission agents.

Deposits amounting to sums within Rs. 1,000 and those in the bank’s branches at Gadag and Ranebennur would be paid back in November.

Deposits of more than Rs. 1,000 and up to Rs. 1 lakh in the bank’s main branch, and Old Hubli and Dharwad branches would be paid back in October.

Steps were being taken to recover loans to the tune of Rs. 17 crore and interest of Rs. 13 crore on them. The recovery process had already begun, he said.

Mr. Shingoti said that proposals would be submitted to the Reserve Bank of India and the Department of Cooperation of the State Government regarding revival of the bank by retaining its building.

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