Bengaluru bank blames 62 dud loans for crisis, chairman says money ‘100% safe’

TIL Desk/Business/Bengaluru/ Assuring depositors that their money was “100 per cent safe” with the bank, Sri Guru Raghavendra Sahakara Bank Chairman K. Ramakrishna, here on Monday, said 62 loans had locked up ₹300 crore of deposit.

“Your money is 100 per cent safe with Sri Guru Raghavendra Sahakara Bank. It’s my responsibility,” Ramakrishna said at Sri Guru Narasimha Kalyanamandira auditorium, to assure depositors.

Because of these 62 dud loans, the Reserve Bank of India (RBI) had restricted the lender from executing business, he said amid shouting by depositors.

To assuage customers, the call to an assistant commissioner of police by Bengaluru South MP Tejaswi Surya — not present — was relayed on loudspeaker live and the MP claimed that he had spoken to Finance Minister Nirmala Sitharaman to help the customers.

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