The order of Reserve Bank of India restricting the operation of the Mapusa Urban Co-operative Bank is not in only bad in law but arbitrary and anti- people. By issuing such order, the bank is taking the account holders and stake holders to the colonial regime.
Even the Portuguese government, I suppose would have not acted in such irresponsible manner with regard to financial institution, if the performance of the bank was not satisfactory as per the parameters laid down, it is the duty of Reserve Bank of India being bankers bank to support and guide the affected bank. It should not act as dictator and create fear in the minds of account holders. Limit of withdrawing Rs 1000 is a charity, when we have deposited our hard earned money to meet our future exigencies.
I don’t think it is proper on the part of the bank to lay such humiliating conditions without issuing proper show cause to the bank. Hope better council would prevail upon Reserve Bank of India and they immediately withdraw the restrictions, so that account holders can withdraw as per his/her requirement.
Before taking such draconian step Reserve Bank should study its ramification in the co-operative banking sector of Goa which is already reeling under the pressure of huge NPA’s and other chronic problems on account of sudden closing of mines and sluggish banking growth all over India.
