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IT’S A COMMON MAN’S HARD EARNED MONEY LOST ONCE AGAIN AS UNITED WESTERN BANK SLAPPED MORATORIUM BY RBI

With the RBI giving the United Western Bank’s branch in sector 12 Vashi a moratorium, there is utter chaos and panic in customers. The moratorium issued to United Western Bank in Vashi came into effect from last Saturday and will be in force till December 1. The RBI serves the moratorium in the interest of depositors and the banking system. When the news of moratorium splashed on channels on television, panicky depositors made a beeline to the bank. Customers spoke to Navi Mumbai News and said that their belief in financial institutions has shaken after this news. Some depositors voiced that the bank directors and management should be held responsible and put behind bars for playing with the faith of their customers that could result in them loosing their hard earned life savings. During the moratorium period, the RBI will consider various options, including amalgamation of the bank with any other bank and finalize plans in public interest and with a view to ensuring that the public deposits are protected. During the period of moratorium, the bank will be permitted to make only those payments that have been specified in the order of moratorium and the depositors will be permitted to withdraw, in total, up to Rs 10,000 from their savings bank account or current account or any other deposit account. Bank customers will not be able to withdraw money through ATMs of the bank/ATMs shared with other banks so as to give effect to the monetary ceiling prescribed in the moratorium. The Bank Manager on his part assured that they are working to ensure that the depositors do not face any losses.

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