Baripada: The Baripada Urban Cooperative Bank (BUCB) whose license was cancelled by the Reserve Bank of India (RBI) in 2014 will refund over Rs 68 crore to its depositors.
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According to sources, hopes of over 76,000 depositors ran high after the Registrar of Cooperative Societies (RCS) directed the Deputy Registrar of Cooperative Societies (DRCS) Baripada in writing for smooth disbursement of money to respective depositors of BUCB.
The DRCS was also directed to ensure strict execution of order of the Orissa High Court in this regard which had directed the liquidator in September last year to disburse the money within next eight weeks.
Notably, the RCS was appointed as liquidator after the RBI cancelled the bank’s license in October 2014 over gross mismanagement.
The cooperative bank which was set up in 1960 was operating in Baripada with three branches at Udala, Karanjia and Rairangpur areas in Mayurbhanj district. A large number of customers of the bank had moved High Court seeking refund of their deposits from the bank.
PNN