Raghavendra Bank probe: Customers protest RBI ‘neglect’

Depositors protest RBI’s ‘neglect’ of Raghavendra Bank probe

Bank depositors protest at Nettakallappa Circle in Basavanagudi, Bengaluru, on Monday. Credit: DH Photo/Irshad Mohammad

Alleging that the Reserve Bank of India has neglected the probe into the irregularities at the Bengaluru-based Sri Guru Raghavendra Cooperative Bank, hundreds of its depositors staged a protest on Monday. 

Led by the Sri Guru Raghavendra Cooperative Bank Depositors’ Welfare Association and the Sri Guru Raghavendra Cooperative Bank Depositors’ Welfare Forum, they protested at the Nettakallappa Circle near Basavanagudi. 

“The RBI officials' neglect has directly affected 41,000 depositors and indirectly affected 2.5 lakh people,” alleged the protestors, adding that 16 depositors are dead and more than 40 admitted to various hospitals since they are unable to bear the shock. 

“We’ll fight until all of us get justice,” vowed a protestor. The associations have asked the RBI to do a detailed audit of the bank and submit the audit report before January 10. They threatened to launch indefinite protest before the RBI office and Registrar of Cooperative Societies from January 10, if the central bank fails to address the demand.