The compensation for the jewellery stolen in the weekend heist will be based on the bank guidelines and master policy. “There are no ifs and buts in this case. Every single person will be compensated,” said G. Chinnasamy, Assistant General Manager, Bank of Baroda, Coimbatore.
This was the bank’s response when asked about the anxious women waiting to know the fate of their mortgaged jewels. However, it is unclear if the remediation will be based on the current market value.
“We may not know things for sure, and we will also have to see whether the jewellery will be retrieved in original form in the same packets, or in melted form — the nature of compensation will be based on that,” Mr. Chinnasamy told The Hindu .
Generally, the gross weight value on the date of burglary will be considered, says another senior official with the bank.
Outside the robbed bank, those who had lost their jewels were, however, assured that their loss will be compensated on market value, deducting the loan amount along with the interest as on date of settlement.
“They said they will call or write to us after ten days. We were told that the compensation will be on the market value,” said Kuppammal, who had mortgaged 15.5 sovereigns to build a house.
On Tuesday morning, as the bank opened for the first time since the heist, overwrought women accompanied by their male relatives crowded the bank, seeking information on their mortgage accounts.
However, as the day progressed, things settled in after the bank put up a notice listing the mortgage accounts that were still intact in the other safe.
Five accounts were closed after the owners took back the mortgaged jewellery on payment of the loan amount.
Meanwhile, the bank staffs were summoned to the SP’s office to see if they could identify any of the images of the hooded men captured in the CCTV camera.
“We are still looking for a breakthrough,” Superintendent of Police Kannammal said.
