A good coverage on the saga of UWB in Maharastra. A poor managemnet. Late and dealyed decision. Even their CAs and legal experts have to take share in the marotorium. Poor customers. Big queues standing hours together to withdraw just 10K per account/member. No proper guidance in few branches even to witdraw a small amount of 10K. Having seen the mergers/acquisitions/morotoriums on several banks during last ten years, RBI shold have take lot of interest of the cutomers. It is not the cutomers at fault for this Morotarium. How many eye openers, like this would give good, proper and customer friendly guidance.....we ahve to wait and see.... Some times, a lay man think " is it all because fo democracy/freedom of voting(share holders) prxoy etc etc...
Well another quake in the region, this time its collapse of Western United Bank.
As usal politicians have done a great yeoman deed , by having direct or indirect control of the banks.
What were the company auditors doing, were they handin glove with senior bank officials and directors.
It is high time the RBI take action against the auditors who are inolved in all financial scam coming out.
The auditors should be named,shamed and punished for their role, they always get away under some technical cover that it client gave them only such info.
Role of CA in audit should be throughly probed, with collapse of Nedungadi bank, Global Trust Bank sometime back, Lord Krishna Bank now, its imperative that Central Bank and Ministry act, at least thousands are not put in peril, by the acts of so called professionals, who have being given statutory powers.
Its a known fact that a Railways ministery acts on the regional agenda of the respective Railways minister,and that the Home minister and CBI changes the priorities depending which state has the Home minister hailing from,RBI and MoF have been acting behind the curtains for a long time to make people make a decision that "yes it acts on a regional bias" depending on the regional agenda of the FM. It is a known fact that Mr Chidambaram acts favorable to the South Lobby and decisons which first stared to have the people of that lobby controlling the major nationalised banks and Insurance companies,to the proposal to merge all nationalised banks into 5 large banks and have the South Lobby control that,to now by swallowing co-op and private banks which are in somewhat difficulty or if not the RBI finding out that there are problems and at the same time convinently ignoring those banks controlled by the South Lobby.United Western bank is a historical bank founded by middle classed people and by the hidden agenda had it almost merged in some Bank controlled by the South Lobby.When GoM and SICOM tried to save the bank,RBI suddenly changed rules to prevent that.Shame Mr Chidambaram.
From last one month I have been hearing the stories related to United Western Bank, but I have still not understood what effect will the depositors have. I have all my savings in this bank and being on overseas assignment not able to understand what course of action is required from my side to see that my money is safe. If someone knows please post the message
RE:How are depositors affected
by neo on Sep 17, 2006 07:26 PM
You don't need to worry now as the bank is in the process of being merged with the IDBI bank.All the deposits, advances branches everything will be transferred to IDBI bank.The only problem will be that all your money will be locked till this merger is done. You can only withdraw 10,000/-- from your account.
Was Reserve bank Of India, sleeping over the devlopments in UWB, for last 6 years.
How come that UWB, wrote off nearly 450 crores as Bad Debts? Financials of all the Banks are alleged to be monitored by Reserve Bank on Day to Day basis. Reserve Bank is to be blamed for all the Lafdas in the banks, as there is something basically wrong in it`s Monitoring Mechanism, otherwise, how these could have taken place at all????
Now employees and accountholders and shareholders are being brought, as the obstacles in the merger of UWB with IDBI. How come that RBI could not decide ethe matter in last so many days, when Global Bank issue was settled in 48 hours.
W#hat is our Fiance Minister doing, for the relief of about 20 lacks of account holders of the Banks? I have not heard/read a single word Shri Chidambram in the media.
It is my considered opinion that things at Reserve Bank itself need overhaul restructuring.
Will the account holders be put to ransom,by some or other enity, threatning to go to Court. PoliticaL PARTIES ARE OUT TO MAKE hay out of this issue,at the cost of the account holder
