MARGAO
The Goa Bank Depositors Welfare Association has demanded to know why only deposits amounting to up to Rs five lakh have an insurance cover when the insurance premium is charged on all the deposits.
The association appealed to bank depositors, particularly of co-operative banks,to join hands with Goa Bank Depositors’ Welfare Association to raise their voices against DICGC’s discriminatory and wrong practices and protect the interests of all depositors.
“We have observed that while settling the depositors’ claims of The Mapusa Urban Cooperative Bank, the DICGC has utilized Rs 70539801.60 form the bank’s liquid fund and not used their own money from the insurance fund. It has definitely done injustice to depositors holding more than Rs five lakh in the bank,” stated Joint convenor Prasanna Utagi.
He said a meeting will be held at a suitable place and date to discuss the subject and decide on a plan of action.
“While huge insurance fund is available with DICGC owned by RBI, why utilize liquid funds of the bank under liquidation and deprive the rightful and legitimate claims of the depositors, who hold more than Rs 5 lakh deposits in banks. The depositors’ money is like raw material which banks use to provide various types of credit facilities to trade, commerce and Industries. It provides impetus to the development of national economy and adds to well-being of the whole society. Why punish these depositors for somebody else’s misuse or whatever be the fault. What control depositors can exercise on the bank managements?” he said, adding “when DICGC collects insurance premium on all the assessable deposits, then why insurance cover only up to Rs 5 lakh deposits.”
