Staff Reporter

Nearly 6,000 depositors to be refunded

Depositors throng bank in large numbers

Account-holders, staff have heated arguments

Hyderabad: It was a perfect Ramzan and Dasara gift. Depositors of the Charminar Cooperative Urban Bank got back their amount up to a maximum of Rs. 10 lakh on Thursday. There were many beaming faces at the function organised by the bank at its head office in Purani Haveli.

“I had given up hopes of getting the money back. I am happy that I got my entire deposit at a time I needed it most,” remarked J. Ramchandra Rao after receiving a cheque for Rs. 88,558. So was Syedunnisa Begum of Toli Chowki. She received a sum of Rs. 8 lakh.

Lot of confusion

A total of 5,969 depositors would be refunded deposits amounting to Rs. 61.50 crore in the next few days. On Thursday, 461 depositors were paid cheques. They were mostly account holders of Ameerpet, Azampura, Barkas, Bholakpur, James Street, Jahanuma, Lalaguda and King Koti branches of Charminar Bank.

There was a lot of confusion at the bank with depositors thronging the place in large numbers. The bank authorities’ pleas that the cheques would be issued to all depositors in the next three days fell on deaf ears. Many account holders were seen having heated arguments with staff as the entry into the bank was closed.

Nandkishore Baheti, general manager, Mahaveer Cooperative Urban Bank, who had come to collect his cheque, was furious when he was not allowed to enter the bank.

Major achievement

It is a major achievement for a scam-hit bank to refund such a huge amount. This is possible because of improved liquidity and recovery. Even after disbursal of Rs. 61.50 crore, the bank is left with an amount of Rs. 70 crore.

Minister for Cooperation Mohd. Fareeduddin, who gave away the cheques, said during the last 15 months the bank had recovered Rs. 65 crore from defaulters. There are still 134 depositors who are to be paid money between Rs. 10 lakh and Rs. 25 lakh. They would be refunded the money in the next six months. The Minister hoped that the Charminar Bank would start its normal customer services soon.

Bank’s Managing Director Khaleel Khan said it was for the Government to permit the bank to start its normal functioning. By refunding the deposits the bank had regained its credibility.

There were still a couple of big defaulters left. The bank had to get back Rs. 180 crore most of which was interest amount.Mohiuddin Taher, president, NRI Association of Charminar Bank, urged the authorities to start walk-in customer services at the earliest.