Sairam Urban Co-operative Bank shuts down ; panic grips among depositors

By: Pune Pulse

November 22, 2023

Pune: Sairam Urban Co-operative Credit Society, which has around 20 branches, has closed all the branches, including its main branch, leaving the depositors in a state of panic. As a result, the depositors are seen lined up in front of the bank in large numbers.

As per information, the bank manager has assured that there is no reason for panic and the bank will return the money of the depositors as well as the account holders. He further said that they are having problems in returning the money of the people due to the rush. He requested that the depositors should give some time to arrange the money.

It is worthy to note that Jijau Maa Saheb Credit Union, Parivartan Credit Union and some other credit institutions in Beed District have been shut down due to large-scale scams in the last few days. The Sairam Urban Co-operative Credit Society has its main branch in the Malives area of Beed. As a result, an atmosphere of fear has gripped the depositors and the account holders have rushed to the bank for money. Thousands of depositors have deposits of crores of rupees in this bank.

Shreyas Vange