Tuesday, March 5, 2013

Action on Rupee Co-op Bank leaves small businesses in lurch

......Ganesh Kudale, a restaurant-owner in Pimpri who also has a current account with Rupee Co-operative Bank, said he has been not able to access funds since February 21. While he is confident that the RBI’s action is in depositors’ interest, he complains of the inadequate notice about the RBI action. “…It suddenly took this decision and people’s money is stuck with the bank. If such things happen, people will lose faith in the banking system.”

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