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Monday, Jun 16, 2003

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AP: Prudential depositors seek Govt funds for bank revival

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THE depositors of the ailing Prudential Bank, city-based urban co-operative bank, have urged the Andhra Pradesh Government to immediately come forward to extend financial support, stand surety and liaison with the Union Ministry of Finance for the restoration of normal functioning of the bank in lines of the Madhavpura Mercantile Co-operative Bank by the Gujarat Government and Charminar Bank by Andhra Pradesh Government itself.

The Depositors' Association of Prudential Cooperative Bank has submitted a detailed memorandum to the Chief Minister, Mr N. Chandrababu Naidu, narrating the grievances of three-lakh-odd depositors, most of whom were senior citizens.

"We appeal to you that the Andhra Pradesh Government should arrange funds against the receivables of Prudential Cooperative Bank to the extent of Rs 150 crore or the funds required to revive the bank to its normal functioning to mitigate the sufferings of depositors," the association said.

The association has also urged the Government to immediately interfere towards effective recovery of loan amounts from big borrowers under the Securitisation Act, which would also enable early revival of the bank.

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AP: Prudential depositors seek Govt funds for bank revival

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