Southern States - Andhra Pradesh   

`Lack of guidelines spelling doom for cooperative banks'

By Our Staff Reporter

Rajahmundry May 30. The president of AP Urban and Town Banks Association, M. Anjaneyulu, on Friday said that because of non-enforcement of guidelines meant for monitoring the urban and town cooperative banks, many banks were collapsing.

The State, which is the registering body, and the RBI, which is the licensing authority, has not been properly monitoring the functioning of urban and town banks with the result that people are being taken for a ride. Some have started urban banks with the sole of purpose of deceiving the public, he alleged.

Speaking to newsmen here, Mr. Anajaneyulu alleged that there was systematic campaign against the urban and town banks with a view to helping private banks. His association had been demanding stringent action against persons resorting to swindling of bank deposits. Even when complaints were lodged, just an FIR was registered without proceeding further in the case.

Referring to the recent cases of swindling of deposits in the urban and town cooperative banks, he pointed out that none was convicted in any case. He said that the local urban banks in the city, Aryapuram Cooperative Bank, Jampeta Urban Bank and Innespeta Cooperative Bank were functioning on sound lines and none should bother about their deposits. The presidents and other members of the governing bodies of these banks were present at the press conference.

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