Depositors in six Urban Cooperative Banks (UCBs) in the State are left in lurch after the closure of the banks as the customers are yet to get their deposits.
They have been approaching various offices for years to get back their money for years, but in vain.
The Bhubaneswar, Aska, Bhanjanagar, Dhenkanal, Chhatrapur and Baripada Urban Cooperative Banks are closed. The High Court has stayed liquidation of the Baripada UCB after cancellation of its licence. Another case has been registered against the liquidation order of the Bhadrakh UCB.
Sources said these banks are yet to refund Rs107.15 crore to their depositors. The Aska, Bhanjanagar and Dhenkanal UCBs have taken steps to refund the deposits up to Rs1 lakh to the customers.
Other banks have followed similar steps. However, there is minimal hope in case of the customers who have deposited more than `1 lakh at the banks because the amount can only be returned after the banks get back money from the borrowers.
The banks were running under the Department of Cooperation. Several politicians and senior officials were at the helm of these banks. Even elections were being conducted in these banks like other cooperative societies. The banks were vouching for safety of the savings and deposits.
Therefore, the customers chose to deposit their amount at the cooperative banks. Even, pension holders had preferred to open their account in the UCBs. However, these banks have been shut down due to irregularities and faulty management.