Nearly two months after the Reserve Bank of India directed the Amanath Cooperative Bank to freeze all transactions, the bank announced another deadline to return depositors’ money, promising it after Ramzan, which starts in the second week of July.
Bank authorities made the announcement to agitated depositors who gathered at the head office in Shivajinagar on Tuesday, demanding that they be allowed to withdraw cash.
“We don’t believe them. My business has been ruined because of the restrictions as I have not been able to withdraw any money for the last two months to buy material,” Nyamathulla, who runs a leather garments business in Shivajinagar, told the Hindu. “The management is now saying that sanctions will be lifted only after Ramzan. What should we do till then?” Like Mr. Nyamathulla, there are many depositors who have saved up for the Haj pilgrimage, school admission and weddings. “We trusted the bank, but it has failed us,” rued a depositor.
The bank even tried to auction some property to raise money, but this did not help as the property is litigious and a stay was brought on the auction process.
Bank chairperson Naseer Ahmed was unavailable for comment.