PIONEER EDGE NEWS SERVICE /Dehradun
The Reserve Bank of India (RBI) froze the bank accounts of Urban Co-operative Bank Limited, Dehradun, on February 10 after finding serious irregularities during inspection. The restrictions will remain in place for six months, according to RBI.
Following the RBI’s action, a large number of account holders gathered outside the bank’s branch near Saint Thomas College at Buddha Chowk in Dehradun on Tuesday and staged a protest against the bank staff. The customers alleged that the bank had been involved in irregularities for a long time and claimed that action was taken too late. They blamed the bank employees for the situation.
Many account holders reached the branch to protest. The protesters later submitted a complaint at Dehradun Kotwali demanding strict action.
According to the bank’s customers, about 9,000 account holders have been affected by the RBI action. Account holder Mukesh Sharma said that all his accounts have been frozen which has badly affected his business. “My business has stopped. We are facing serious problems. The police should take strict action against the bank,” he said.
There are two branches of the Urban Co-operative Bank in Dehradun. Protesters claimed that nearly Rs 40–50 crore of customers’ money is deposited in the bank. Due to the freeze, they are unable to withdraw or carry out transactions. Many said their businesses have come to a standstill and dealers are demanding payments, but they have no access to their funds.
