Account holders in suspended bank should be refunded fast: AIMIM MP Jaleel

AIMIM Lok Sabha member Imtiaz Jaleel has said the government should speed up the process of returning the money of account holders of the Adarsh Mahila Nagari Sahakari Bank, whose license has been cancelled by the Reserve Bank of India.

Talking to reporters on Tuesday, Jaleel claimed funds of around Rs 1,000 crore of nearly 1 million account holders were stuck in 10 different financial institutions.

"The Adarsh Bank's properties have been seized but not yet sold. The government should take the ownership of these assets and give with pending amounts of the account holders. This process should be expedited," the MP from Chhatrapati Samabhjinagar said and handed over a memorandum of his demand to the divisional commissioner.

The RBI last year imposed several restrictions on five cooperative banks, including the Adarsh Mahila Nagari Bank in Maharashtra's Chhatrapati Sambhajinagar, in view of the deteriorating financial condition of the lenders.