PIONEER EDGE NEWS SERVICE / Dehradun
Depositors of Dehradun-based Urban Cooperative Bank staged a protest at Clock Tower on Monday, alleging inaction by the bank’s management, administration and the Reserve Bank of India (RBI) in resolving their long-pending issues.
The protest began around 10:30 AM outside the bank’s main branch, from where account holders marched to Clock Tower and held a sit-in. Some protesters resorted to symbolic begging to highlight their financial distress.
Depositors stated that their savings have remained stuck for a prolonged period, affecting their ability to meet daily expenses. Businesspersons stated that the lack of access to funds has disrupted their operations, while pensioners said that they are facing difficulty in managing basic needs such as medicines and household expenses. Issues related to school fees and medical treatment were also raised during the protest.
The protesters alleged that despite directions from the chief minister Pushkar Singh Dhami and the formation of a Special Investigation Team (SIT) by the Dehradun senior superintendent of police, no FIR has been registered so far against the bank officials, management or associated auditors.
They demanded that senior officials, including SSP, the district magistrate and RBI representatives, visit the protest site, hear their grievances and provide a resolution. They also called for the formation of a joint committee comprising bank officials, RBI representatives, government authorities and depositors to hold regular meetings.
This came after the RBI in February imposed regulatory restrictions on Urban Co-operative Bank Dehradun, citing supervisory concerns and recent material developments. The bank was barred from granting or renewing loans, making investments, incurring liabilities, accepting fresh deposits or disposing of assets without the RBI’s prior written approval and depositors have been prohibited from making withdrawals, given the bank’s current liquidity position. The RBI clarified that the restrictions, which will remain in force for six months and are subject to review, are aimed at protecting depositor interests.
The protesters demanded immediate registration of FIRs, initiation of partial payments to depositors, disbursement on a percentage basis and a clear roadmap for the bank’s future, including options such as restructuring, merger or resolution.
