Week after Suvarna takeover,a Rs 14-cr deposit dip

The first one week of operations of the Indian Overseas Bank after taking over the operations from the Shree Suvarna Sahakari Bank has not been a very smooth one.

The first one week of operations of the Indian Overseas Bank (IOB) after taking over the operations from the Shree Suvarna Sahakari Bank (SSSB) has not been a very smooth one. Nearly Rs 14 crore has been withdrawn from nine branches in Pune since May 20,when IOB took over the operations. The first one week saw around 100 depositors withdrawing the deposits and closing the accounts at the IOB.

Of the Rs 587 crore worth deposits in the nine branches,the total deposits now stand at Rs 573 crore,said G R Gandhi,general manager (Mumbai II region). However,he said of the total 1.5 lakh depositors,the 100 depositors who have closed their accounts is a miniscule number,as it comprises less than 0.5 per cent. Most of them have said they want to continue with us, he said.

Those who withdrew their deposits said they struggled for two years after the bank was placed under moratorium. I wanted to withdraw the amount and deposit it elsewhere as I was tired of the ordeal. There were several announcements of the take over,first it was April 16,then it was May 20, said Shrikant Limaye,a depositor. He said there were not enough staff at the branches to attend to the depositors. Seventy-eight-year-old Vishnu Wakankar was made to visit the bank thrice last week for his case,he said.

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However,Gandhi said everything was streamlined. Of the 205 staff at various levels,only 55 were transferred outside the state. There are 31 officers,115 clerical staff and 31 sub-staff. The clerical staff were transferred outside the state, said Gandhi.

On the cash deposits,he said they had drawn money from the Bank of Maharashtra currency chest and there were no problems in the deposits. The depositors should not have any problem, he added.

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