Depositors should always trust Goa-born credit societies or reputed nationalized banks with their deposits: Prakash Velip

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Quepem: Goa’s former Cooperation minister Prakash Velip has said that the depositors should always go by the Goa born credit cooperative societies or reputed nationalized banks for depositing their money, rather than going for multistate cooperative banks, which do not have their base in the state.

Velip said that in the current economic scenario, it is not possible for any bank to give higher rate of interest on deposits. He said that those offering higher interest, should be trusted, only after checking their background.

The former minister was responding to a question about Tirumala Tirupati Multi State Cooperative Bank, which is currently in the controversy after the rave party raid.

Velip said that he has not received any complaints about the bank, but the depositors, specially tribals, were seen withdrawing their money from Goa-based cooperative credit societies and depositing it in Tirumala.

“We had advised them to check the background of the bank, as it is not possible to give such higher rate of interest on deposit,” he said.

Velip also said that the cooperative credit societies are registered with the local government, while multistate are with central registrar.

Responding to a question, the former minister said that all the depositors should get clarity about the financial health of the bank on regular basis.

He recalled how, some 7-8 years back, one of the institution had siphoned off around Rs 7-8 crore from the tribal investors. “We have to even lead morcha at Vasco police station to get justice for the depositors,” he said.

Velip also said that the money of the tribals is hard earned as they slog in the cashew plantations or their farms. “If that amount is siphoned off, they can’t digest that shock,” he added.

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