BJP’s 29 MLAs failed to secure justice for Citizen Cooperative Banks’ account holders: Bhalla

Jammu, September 18: JKPCC Working President Raman Bhalla has taken up the long-pending concerns of the managements, employees and account holders of Citizen Cooperative Banks with the Chief Secretary of Jammu and Kashmir, urging immediate intervention to safeguard the interests of depositors and ensure the smooth functioning of the institutions.

Bhalla raised the issue while interacting with a delegation representing the managements and account holders of Citizen Cooperative Banks and subsequently called upon the Chief Secretary, in the presence of the delegation, to take up the matter with the concerned authorities and ensure that necessary steps are initiated at the appropriate level.

The delegation highlighted a range of concerns being faced by the cooperative banking institutions and their account holders. Particular emphasis was laid on the difficulties being experienced by depositors in accessing their funds and banking services, besides concerns relating to the functioning, financial position and regulatory issues confronting the banks.Bhalla said that cooperative banks have historically played an important role in providing banking facilities to local communities, small depositors, traders, employees, pensioners and other sections that depend on these institutions for their day-to-day financial requirements.

Any prolonged uncertainty surrounding their functioning, he said, directly affects not only the institutions and their employees but also the confidence and financial security of ordinary account holders.

He stressed that the concerns of depositors deserve to be examined with sensitivity, particularly where people’s savings and hard-earned money are involved. He urged the administration to facilitate a structured dialogue with the concerned regulatory authorities so that genuine difficulties faced by account holders could be addressed through a clear and lawful mechanism.

Bhalla also emphasised that the managements of the cooperative banks should be given appropriate institutional support and guidance wherever required, while ensuring compliance with all applicable regulatory requirements.

He said that a balanced approach was necessary to protect depositors’ interests, strengthen the institutions and provide clarity to stakeholders.

In the presence of the delegation, Bhalla called the Chief Secretary and requested him to intervene in the matter and take up the concerns with the appropriate authorities, particularly the Reserve Bank of India (RBI), so that a workable solution could be explored at the earliest.

The Chief Secretary, according to Bhalla, assured the delegation that the matter would be brought to the kind notice of the Reserve Bank of India and that the concerns raised would be examined at the appropriate level.

He further informed that the process in this regard has already been initiated, providing an indication that the matter is being taken forward through the prescribed institutional mechanism.

Bhalla welcomed the assurance and said that the initiation of the process was important for addressing the concerns of the managements and, more importantly, providing clarity and relief to the account holders who have been seeking resolution of their difficulties.

He maintained that the interests of ordinary depositors must remain central to any course of action concerning cooperative banking institutions. “People deposit their hard-earned money with banks with the expectation of security, accessibility and institutional protection.

Their concerns cannot be allowed to remain unresolved for an indefinite period,” Bhalla said.He also called for continued coordination among the J&K administration, the concerned cooperative banking institutions and the RBI so that the issues could be examined comprehensively and an appropriate way forward identified within the regulatory framework.

Bhalla said the matter should not be viewed merely as an institutional or administrative issue, as it has a direct bearing on the interests of thousands of account holders and families who depend upon these banks for their savings and financial transactions.

He assured the delegation that the Congress leadership would continue to follow up the matter with the concerned authorities and seek timely action in the larger interest of depositors, employees and the cooperative banking sector in Jammu and Kashmir.

Bhalla strongly criticised the J&K unit of the BJP, particularly its 29 MLAs, alleging that they have failed to take effective steps to secure justice for the managements and account holders of Citizen Cooperative Banks despite the prolonged concerns surrounding the institutions.

He said the issue directly concerns the savings and financial interests of ordinary account holders, including families, small depositors, traders, employees, pensioners and other sections who depend upon cooperative banks for their financial needs.

According to Bhalla, prolonged uncertainty regarding banking operations and access to funds has caused considerable concern among account holders.

Taking a political swipe at the BJP, Bhalla said that despite having 29 elected MLAs in Jammu and Kashmir, the BJP leadership had not done enough, in his assessment, to take up the concerns of the affected account holders and pursue the matter with the appropriate authorities.

“The BJP has 29 MLAs in Jammu and Kashmir, but what have they done to ensure justice for the account holders of Citizen Cooperative Banks? People have been raising their concerns and looking towards their elected representatives, but an effective intervention was missing,” Bhalla said.He said the issue should not be treated merely as a matter concerning the management of cooperative banks, as the interests of account holders and depositors are directly involved.

He urged the administration to ensure that their concerns are examined sympathetically while remaining within the applicable banking and regulatory framework.

Bhalla also emphasised that cooperative banks have historically played an important role in serving local communities and providing banking facilities to people who rely on these institutions for savings, deposits and routine financial transactions. He said any solution should simultaneously protect depositors’ interests, provide clarity to stakeholders and ensure that the institutions receive appropriate guidance within the regulatory framework.In the presence of the delegation, Bhalla called the Chief Secretary and requested him to intervene in the matter and take up the concerns with the appropriate authorities, particularly the Reserve Bank of India (RBI).

The Chief Secretary, according to Bhalla, assured the delegation that the matter would be brought to the kind notice of the Reserve Bank of India for appropriate consideration. He also informed that the process in this regard has already been initiated.Bhalla welcomed the assurance, saying that the initiation of the process was an important step towards addressing the concerns being raised by the managements and account holders.

He said the administration should maintain close coordination with the concerned cooperative banking institutions and the RBI so that the issues can be examined comprehensively and an appropriate course of action worked out within the regulatory framework.Bhalla reiterated that the interests of ordinary depositors must remain at the centre of the process. “People have deposited their hard-earned money with these institutions. Their concerns deserve a clear, transparent and time-bound response,” he said.He assured the delegation that he would continue to follow up the matter with the concerned authorities and raise the issue at appropriate forums in the interest of the account holders, employees and the cooperative banking sector in Jammu and Kashmir.