Prudential Bank to pay depositors

1.11 lakh eager depositors to get maximum of Rs. 50,000

Out of 1.60 lakh depositors, 1.11 lakh will get their deposits up to a maximum of Rs.50,000 from December 1, 2006 according to Minister for Cooperation K. Lakshminaryana. He said that the bank is having Rs.150 crore liquid cash and if the Reserve Bank of India (RBI) permits it to announce one time settlement, there is possibility of recovering another Rs.230 crore. He was speaking to media said that the bank was yet to recover Rs.584 crore from 2639 borrowers. The Minister hinted the possibility of reviving the Charminar Bank to which 1902 borrowers are yet to pay Rs.197 crore. The Bank has Rs.125.50 crore liquid cash and deposits of Rs.1 lakh have already been paid back.

The State Government have urged the RBI to permit Charminar bank to pay Rs.50,000 to those who have deposits of Rs.1.5 lakh and Rs.3 lakh to those who have deposits of Rs.5 lakh immediately.

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