Revival of Baripada coop bank sought

BARIPADA: Resentment is brewing among the customers and managing committee members of Urban Cooperative Bank of Mayurbhanj district over the State Government’s apathy towards its revival.
A large number of customers in Baripada are under stress since the Reserve Bank India (RBI) cancelled the licence of the bank citing financial crisis in 2014. The depositors have become frustrated after running from pillar to post to withdraw their hard earned money.

The ailing bank is now making serious efforts for revival. The managing committee president and its directors are of the view that if the State Government extends its helping hand, the bank has a strong possibility of revival.

During a Press meet, president Giridhari Prusty said if the Government comes forward to offer assistance, the bank within will be operational and can safeguard the interests of the depositors. While the committee has been trying to negate the bank’s licence cancellation and restore its earlier position, some politicians and influential businessmen of the town are posing hindrances, he alleged.

Set up on April 24, 1960, the bank was operating in Baripada with three branches at Udala, Karanjia and Rairangpur in the district. The bank has 25,731 share holders, 72,324 depositors and 2,953 loanees. While the bank has net cash of `70 crore, it requires `71 crore to refund depositors money. At least 20 loanees have failed to pay the principal money and its interest amount, he informed.

Though former Collector Rajesh Pravakar Patil had urged the Cooperative Department to revive the bank, no measure has been taken so far.Directors of the bank’s committee Umakanta Rout, Narayan Pattnaik, Abhinna Sundar Patra, Mahendra Sahu, Devidatta Dash and chief manager Amarendra Kumar Kar were present.