Life turns listless for Diamond Jubilee Co-op Bank staff

The closure of the Diamond Jubilee Co-operative Bank of Surat has pushed 179 retrenched employees of the bank into deep crisis.

The bank, once a prestigious establishment in the city, went out of business in August 2002, sending shock waves across the co-operative banking sector in the state.

The bank's closure has affected a number of depositors and the employees.

All the 179 employees of the bank have been retrenched in the recent weeks. The bank owes around Rs 4 crore to these employees. Many of these employees were working with the bank for several years and its sudden and unexpected collapse has left them with hardly any option.

Yogesh Gajjar, an employee of the Diamond Jubilee Bank who was retrenched recently, said, "I was working with the bank for the past 17 years. The bank's sudden closure came as a major shock to us. After deducting the loan amount and other dues, I have to get Rs 3 lakh from the bank. But I am not sure when will I get my dues, or if I will get it at all."

Gajjar said, "I am the only earning member of my family and the way things are going, I don't know how I am going to look after my children's needs."

Rukhsana Sheikh, another retrenched employee of the bank, said, "I was working with the Diamond Jubilee Bank for the past 21 years. We were called a few days back and handed over a letter by the administrator B C Patel, retrenching us. We were assured that we would be paid our salaries and other dues within 15 days. But this period has since long elapsed and there is no sign of any money coming our way."

Sheikh, to whom the bank owes Rs 8 lakh, said, "All through the 21 years of my association with the bank, I worked with extreme loyalty. I am 40 now. So there is little chance of me getting any other job. I come to the bank everyday with the hope of getting my money back. But this hope is fast diminishing."

Natu Patel, the president of the Bank Kamdaar Sangh, the apex body of the employees of all urban and co-operative banks in Surat, said, "The employees are being made to pay for the faults of the bank's higher authorities. Employees of Diamond Jubilee Bank were retrenched in February with an assurance that they would be paid their salaries and other dues within 15 days. It has been a month and half now, but none of the employees has been paid any money so far."

Patel said, "We have had talks with the administrator B C Patel regarding the issue. But he says there is nothing he can do. We have also held talks with the officials of the Reserve Bank of India in Mumbai and are expecting a positive response in the next couple of days. If nothing works out, we are seeking legal advice and will take appropriate steps."