Banks slam rumours of fund shortage
Abhyudaya Coop Bank and NKGSB Coop Bank assure depositors that their money is safe
Both banks have clarified that they have enough liquidity and NKGSB Coop Bank has also lodged a complaint with the Cyber Cell of Mumbai Police
Even when the scam-tainted Punjab and Maharashtra Cooperative Bank (PMC) depositors are struggling to get their money back, two leading urban cooperative banks the Abhyudaya Cooperative Bank and the NKGSB Cooperative Bank have rubbished rumours which went viral on the social media questioning the financial status of the two banks.
In an appeal to its customers and depositors, the Abhyudaya Cooperative Bank with total deposits of Rs 11,022 crore as on March 31, 2019, said that the auditors of the bank have never expressed any concern about the safety of the depositors' money. The bank added that in the recently completed financial year, it has earned profits and it is fully committed to safeguarding the interest of its depositors, shareholders and customers at all times. They reaffirmed that deposits are safe.
Further, NKGSB bank with total deposits of Rs 7,601 crore for 2018-19 has clarified that all the allegations are baseless and its financial status is fine and they follow disciplined banking and have adequate liquidity. They have also lodged a complaint with the Cyber Cell of
Mumbai Police.
‘’NKGSB Bank wishes to assert to all its stakeholders and customers that with a legacy of more than 100 years, professional management, sound net worth and capital adequacy, consistent profitability, disciplined banking and adequate liquidity, the Bank continues its strong presence to serve you.
The Bank urges all of its customers not to fall prey to such rumours,’’ it said in an appeal.
On the other hand, the
Abhyudaya Co-op Bank MD PS Salian said, "The bank has taken a serious note of the malicious campaign which is being carried out with an ulterior motive of misleading the depositors, shareholders and customers all the while disparaging our image and reputation. Forwarding and spreading any such malicious post regarding the Bank, intentionally or otherwise, would compel to resort to legal action against all such mischief mongers,’’ he added.