B’luru: Depositors of Guru Raghavendra Cooperative bank protest seeking quick resolution from RBI

Team Udayavani, Jan 11, 2021, 4:08 PM IST

Bengaluru: Several depositors of Bengaluru-based Sri Guru Raghavendra Cooperative Bank staged a protest on Monday urging Reserve Bank of India to resolve their issues

As reported by NDTV, The bank hogged the headlines in January when the Reserve Bank of India (RBI) began its investigation into the financial irregularities amounting to over ₹1,400 crore

After which, the bank was not allowed to carry out any further transactions, and the amount of withdrawal was limited to ₹35,000 for each depositor. The depositors had thronged the bank to withdraw the permitted amount. Later, the withdrawal amount was raised to ₹1 lakh in June

The protestors alleged that they had trusted this bank because of the good feedback from Reserve Bank of India but now RBI’s negligence has affected several depositors