Sri Guru Raghavendra Sahakara Bank (Ni) was placed under restriction on 10th Jan 2020 U/S 35A of the Banking Act 1949 AACS read with Section 56. Since last 4 and half years we are deprived of our money that is kept in the bank for no fault of ours. Our Shareholders & Depositors have been put to extremely tormented for last few as most of them are Senior Citizens, Retired persons, some with pension and many without any pensions. Victims of Sri Guru Raghavendra Sahakara Bank (Ni) are the only one who are suffering but all those who are the reason for this heist are living happily enjoying the luxuries acquired from ill-gotten money.
Institutions mentioned below constitute the genesis of this scam and unfortunately these institutions are Constitutional bodies to protect common man from Scams anda subterfuge that have been inflicted on our Depositors.
1. RESERVE BANK OF INDIA: – This is the an independent statutory body that came into existence on 1st April 1935 in accordance to the provisions of Reserve Bank of India Act 1934, with Preamble
“To regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”
However, RBI has utterly failed at policy level, implementation and execution levels, thus leading our bank to its debacle. Bank started in 1999 after obtaining licence from RBI, inspected by RBI as per Banking Act 1949 AACS however it failed to detect ongoing scam right under its nose and only after it received some inside information about the bunco that was happening in the Bank only then a proper inspection happened and all skullduggery was unearthed before this fiasco that happened in 2019 September-October our Bank received accolades and awards from RBI and other prestigious institutions which in turn misguided Depositors falling into the a web of deceit of this Bank Management. Had RBI played its role properly in safeguarding the interest of common depositors Shareholders and Depositors of this Bank would have been saved froma undergoing this trauma of pauperdom. What is even more stressful is that RBI’s own admission in their 2019 Inspection Report that this bank is indulging in chicanery from 2001 onwards but in Inspection Report of 2017 & 2015 nothing of that sort was detected inferring that RBI was oblivious to all the misdemeanours of the Bank Management and Staff since 2001 till 2019.
2. REGISTRAR OF COOPERATIVE SOCIETY & MINISTRY OF COOPERATION GOVT OF KARNATAKA: – This is another Constitutional Body that failed, Our Bank being a Cooperative Bank is under dual control of RBI for its Banking activities and Registrar of Cooperative Societies (RCS) control Governing body of this Bank and RCS has on its part failed completely despite having access to all the activities and documents of our bank, RCS had done annual Auditing of this Bank since inception and just put its approval to all its Audit Reports and Balance without verifying the – reports.
3. Criminal Investigation of this entire scam was first done by CID however, this entire investigation was in a shoddy way, as manifested in Charge-Sheet still not being filed. All perpetrators of this scam got bail uncontested in Court resulting in all accused free in open enjoying their life with ill-gotten money. New Govt gave hopes of free and fair investigation by handing it over to CBI in November 2023 however till date more than 6 months passed but Investigation Officer not yet appointed for our case.
In addition BJP was in rule both in Central Government under PM Modi’s leadership and in Karnataka State Government under CM Basavaraj Bommai’s leadership. This bank situated in Basavanagudi Assembly Constituency Represented by Sri Ravi Subramanya from BJP and Bangalore South Parliamentary Constituency represented by Sri Tejaswi Surya of the BJP. However, none of them helped in getting our hard-earned money back. Except for promises nothing has fructified resulting in agony to the Share holders and Depositors.
Under the circumstances our Vedike has decided to give a call to all the depositors and stakeholders to unite and join our fight in getting Justice to all the depositors said HARISH.V Gen. Secretary at press meet held at Press club of Bangalore.
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