Baripada: The Baripada Urban Cooperative Bank, whose licence was cancelled by the Reserve Bank of India in 2014, will soon refund the money to its depositors.
Hopes of 76,000 depositors have run high after the Registrar of Cooperative Society has directed the Deputy Registrar of Cooperative Societies-Baripada in writing for smooth disbursement of money to the customers. Besides, the DRCS has also been directed to ensure strict execution of order of the Orissa High Court which in September last year had directed the liquidator to disburse the money within eight weeks.
All 76,000 depositors will get back their money with interest very soon, said Morada MLA aj Kishore Das.
The Registrar of Cooperative Societies was appointed as liquidator after the Reserve Bank of India (RBI) cancelled the bank’s licence in October 2014 over gross mismanagement.
The bank will disburse over Rs 68 crore to the depositors.
Several customers of the bank had moved High Court seeking refund of the money from the bank.
The Urban cooperative which was set up in 1960 was operating in Baripada with three branches at Udala, Karanjia and Rairangpur in Mayurbhanj district. RBI had granted licence to BUCB on October 21, 2009.