Last chance to Vasavi unclaimed depositors

Hyderabad: Vasavi Co-operative Urban Bank, under liquidation, has released all deposit claims regarding FD, SB, CA and other deposits from June 1, 2015 onwards and if any depositors have not claimed them till now are given a final chance to claim their deposits by submitting claim form along with required enclosures before January 31 at Liquidator Office, MG Road, Secunderabad.

N Venugopal Sharma, Deputy Registrar of Cooperative Societies and Liquidator of Vasavi Cooperative Urban Bank Ltd, stated on Thursday that for the deposits converted as Perpetual Debt Instruments (Institutions), Equity Shares (Individuals) are also released up to 20 percent on their outstanding amount so far.  If such depositors have not claimed as on today can be eligible on par with others before January 31; otherwise, the unclaimed amount will be disbursed to the next eligible depositors.

Under Liquidation process of the bank, action is being taken in all willful defaulters / borrowers of the bank and in some accounts due to court cases and multiple litigations over the properties are not able to speed up the recovery process. Besides that, special recovery teams are formed by the Registrar of Co-operative Societies to attach and sale the movable and immovable properties of the chronic defaulters i.e. Principal borrower, Guarantors /sureties in the accounts to protect the larger interest of depositors of the bank.  One time settlement scheme was also announced to the borrowers of the bank to settle their accounts early as permitted by the Registrar of Co-operative Societies.  For details, contact 040-23434298. -NSS

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