Saraswat Coop Bank Ltd. — Return of balance 35 % deposits

Address: Mumbai City, Maharashtra

Under RBI guidelines,Saraswat Coop Bank Ltd.Took over the erstwhile South Indian Coop Bank Ltd.in Aug.2008.Initially,It paid 55 % of the deposit held by the depositors;then made another 10 %;the deposits upto Rs.100000/- was covered by the DIGiCL.The depositors whose amount is above Rs.i lakh,is not covered by theis insurance guarantee scheme.
I would like to know what is the mistake committed by the depositors in holding deposits in a Bank;why its not secured?Who is responsible for their hard earned money? Why the Govt.not taking action on such defaulting Banks who do not bother to check the credentials of the borrowers and allowing the management go scot free.Its clear the Bank officials and the borrowers have nexus and play hand in glove.The RBI should attach the properties of the Chairman and Co.of the erstwhile South Indian Coop Bank Ltd.who have planned and brought down the shutters of the 85 year old reputed Bank.
Already many senior citizens have lost their lives in the lost 6 1/2 years since the moratorium imposed by RBI;many more can follow because fo lack of their money for timely medicine and treatments.
I hope somebody takes sincere steps and fall back on Saraswat Coop Bank to pay back the remaining 35% deposits held by these innocent people,because they have got 13 Branches like hot cakes.

Murali Chari

E/3,Gurru pushyamrut Coop Hsg Soc.
Vidyalaya marg,Mulund ( East),
Mumbai-400081
Tel.[protected]
e-mail id( [protected]@yahoo.co.in)