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LATEST NEWS UPDATES | Rupee Co-operative Bank’s collapse leaves many depositors in distress -Siddhi Nayak

Rupee Co-operative Bank’s collapse leaves many depositors in distress -Siddhi Nayak

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published Published on Aug 16, 2022   modified Modified on Aug 18, 2022

-Moneycontrol.com

Rupee Co-operative Bank's depositors are dealing with financial hardships and navigating family emergencies as they struggle to access their own money

In the 1990s, Virendra Kumar Joping’s father, a small-time carpenter, came to Pune from Rajasthan to earn a living. Over the years, he saved his hard-earned money by opening a fixed deposit in Rupee Co-operative Bank.

Rupee Co-operative Bank was among the trusted names in Pune. Little did the Joping family know that after a few years, the bank would shut down, leaving the fate of their life savings uncertain. Although Kumar is the sole nominee, he has been unable to withdraw about Rs 19 lakh of Joping’s deposits.

The Reserve Bank of India revoked the working permit issued to the bank on August 10 because the lender did not have adequate capital and earning prospects.

Like many others, Joping was lured by the promise of higher interest rates offered by the co-operative bank. It promised at least 100 basis points more than what commercial banks offered. With the family’s entire savings stuck, Joping was forced to take an additional loan to make ends meet.

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Moneycontrol.com, 16 August, 2022, https://www.moneycontrol.com/news/business/indias-cooperative-mess-part-4-rupee-co-operative-banks-collapse-leaves-many-depositors-in-distress-9037621.html?fbclid=IwAR0MB-9r8GmGexIIV38LRBzbIIMd8GuZ-70QJi0xieufVoWk2BONf6T


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