Prudential Bank deposits to get back money

Hyderabad, Nov 18 (UNI) Andhra Pradesh Government today announced repayment of Prudential Urban Cooperative Bank depositors money from December one.

Talking to newspersons here, State Minister for Cooperation, Kanna Lakshminarayana said the Reserva bank of India(RBI) had given permission to pay Rs 50,000 to every depositor from bank's own funds. Out of the 1,60,698 total depositors, 1,11,724 depositors accounts would be closed, he added.

Mr Lakshminarayana said only 50000 left-over depositors amount would be decided after clearing court cases, which were pending in Courts. The reason for delay in repayment was due to non-release of amounts by the Insurance and Credit Gurantee Corporation due to court cases.

He said, however, a decision had been taken recently to make payment up to Rs 50,000 from available funds of Rs 150 crore.

He said regarding defunct Vasavi Urban Bank, an amount of Rs 39.77 crore had been paid to 41,393 depositors at the rate of Rs 20,000 and due to RBI's recent relaxations, an additional payment of Rs 10000 to each depositor had already been paid for the last two days from the bank's available funds.

The total amount paid to depositors comes to Rs 30,000, he added.

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