Where's the money BJP govt promised?

AHMEDABAD: Just before the Gujarat Assembly elections last December, the ruling BJP brought out an election manifesto stating that it would make "arrangements to repay, within 180 days, deposits of up to Rs 1 lakh under the deposit insurance cover to depositors of the closed urban cooperative banks".
It is now six months, or 180 days since the party came to power, but there is no sign of the depositors getting their money back.Instead, the BJP government is blaming the RBI for the delay.
The BJP, which had called itself as the ''Interest Saviour of Five Crore Gujaratis'' in its manifesto, has failed miserably in protecting investors.
In fact, cooperative bank scams which have unfolded in the last six months have shown the direct involvement of several BJP leaders, including a minister and a Member of Parliament.
Gujarat''s minister for cooperatives, Bhupendrasinh Chudasama, says the government has proposed the liquidation of the three largest UCBs — Visnagar, Charotar and Diamond Jubilee banks — which have collapsed. Together, these banks had deposits exceeding Rs 800 crore.
"But, the decision now rests with the RBI which has to approve our liquidation proposal. Liquidation of four banks, involving deposits of Rs 85 crore, has been announced recently. It cannot be said that we have not fulfilled our election promise," he added.
Whether the RBI is to be blamed or not is another matter. But, the fact remains that lakhs of depositors have not got back their money, as was promised by the BJP.
RBI''s regional director in Gujarat, Vani Sharma, said that the liquidation proposals for the three large UCBs have been sent to the Mumbai office and clearance is awaited. When contacted by TNN, the RBI spokesperson at Mumbai said that she was not in a position to comment.
The president of the All-Gujarat Cooperative Banks Depositors Account Holders Association, Prakash Gujar, claimed that senior RBI officials in Mumbai had told him that they are reluctant to allow the liquidation of these three banks.
"RBI''s subsidiary — the Deposit Insurance and Credit Guarantee Corporation — has been set up to give insurance support to all commercial banks and UCBs in India, not just in Gujarat. In this state, some people set up banks and indulged in fraud which lead to the closure of banks. Now, the state wants the RBI to refund deposits and thus rescue the scamsters," is the gist of what RBI officials have reportedly told Gujar.
But Chudasama seems to have forgotten about the 15 to 20 other banks which have closed in the past couple of years.
An amount of nearly Rs 1,000 crore, which is entitled as refund through DICGC, is blocked as deposits in Suryapur, Sabarmati, Janta, Cooperative Bank of Ahmedabad and United Mercantile banks, just to name a few.
Also what about those depositors whose amounts exceed Rs 1 lakh and are thus not insured under the DICGC?
That, according to banking sources, could add up to another Rs 500 crore which may be as good as gone.