Dear sirs,
Many co-op.urban banks are being put under moratorium by RBI and depositors are denied payment of their matured deposits.
I am victim of one such bank:BOBBILI CO-OPERATIVE URBAN BANK ,BOBBILI, DIST; VIZIANAGARAM,ANDHRA PRADESH.It was put under moratorium,under section 35A of BR ACT 1949(AACS) Restricting pay ment abaove Rs 1000/-per depositor.on 27-1-2004.When I wrote to RBI ,RBI REPLIED that deposits upto 1 lakh are covered under DICGC INSURANCE.
Can you tell me what best can be done under these conditions? My 5 yr deposit matured on 27-1-04.We dont know when the moratorium will be lifted or insurance come into effect.Can we approach consumer court,if so it should be against RBI as it has stopped the bank from paying.What is your advise?
P.M.KRAO.


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