Hyderabad:
Dhana Bank, an urban cooperative bank operating from Eluru
in West Godavari district of Andhra Pradesh, is facing
a run as depositors stormed the banks premises late on
11 May 2002, seeking to cancel demand drafts that had
not been honoured by other banks.
Earlier, the depositors
had lodged complaints with the police, but the police could not
find the bank chairman or the vice-chairman. But the police have
taken into custody some bank staff.
Eluru circle inspector G
S Rajababu raided the bank late in the night, at 11 pm, and
received complaints from the depositors. The police, in the
process of investigation, could not find bank chairman R
Satyasagar or vice-chairman D Ravikumar.
But three days ago,
Satyasagar had issued a statement asserting that there was nothing
wrong with the bank and that it was functioning within the rules
and regulations set by the Reserve Bank of India, and the
depositors need have no apprehensions.
He is also reported to
have said that the failure of the Krushi Bank in Hyderabad had
created many problems for the cooperative banks
in the state, and whenever there was any problem minor or major
depositors were pressing the panic button.
|