Journalism of Courage
Much to the relief of over 2 lakh depositors of the Pune-based Shree Suvarna Sahakari Bank (SSSB),their two-and-half-year wait will come to an end on Wednesday as SSSB re-opens as Indian Overseas Bank (IOB).
This comes after last years permission granted by the Reserve Bank of India to IOB to take over the assets and liabilities of SSSB. The SSSB was placed under moratorium in September 2006 following huge non-performing assets.
The IOB is making sure there are enough deposits and have sought help from the Bank of Maharashtra for this. The bank will work two hours extra in the evening for three days,while the normal operating hours will be from 10.30 am to 4.30 pm,said Gandhi.
Nearly Rs 20 crore is likely to be withdrawn by the 1.5 lakh depositors who have deposits as term,saving and current account deposits. According to Gandhi,some deposits have not yet matured. There would be nearly Rs 45 crore worth deposits in the 12 branches. Most of the depositors have assured they would continue with IOB.
In Pune,the branches are at Baner,Dahanukar Colony,Karve Road,Sahakarnagar,Shaniwarpeth,Tilak Road,Deccan Gymkhana,Budhwar Peth and Chinchwad. Nearly 200 SSSB employees will be accommodated in the 12 branches. Nearly 50 have opted for Voluntary Separation Scheme, said Gandhi.
Discordant notes
The banks reopening may have brought cheer all around,but employees of SSSB who have been absorbed by IOB are peeved over the management offering them baseline salaries and transferring some of them outside the state. The 50 odd employees who have got transfer orders outside the state,have written to the Chairman and Managing Director of IOB S A Bhat and have approached Maharashtra Navnirman Sena (MNS) chief Raj Thackeray. We hope a solution will emerge,else we will start an agitation with the support of MNS, said employees who have been posted to Andhra Pradesh and Tamil Nadu.
