Account holders protest regulatory curbs on Urban Co-operative Bank

Dehradun: Account holders of Urban Co-operative Bank Ltd in Doon held a press conference and argued with bank authorities on Wednesday after the Reserve Bank of India imposed regulatory restrictions on the bank, citing anomalies in entries dating back to 2013–14.The RBI's regional office has barred withdrawals from savings and current accounts for six months, starting Feb 10. Affected account holders claimed that around 9,000 customers have deposits totalling Rs 124 crore stuck in the bank. Many depositors, including contractors working with the Dehradun Municipal Corporation, said the restriction was severely impacting their work and payments. Another meeting between depositors and bank officials has been scheduled for Feb 23.Bank chairman Mayank Mamgain said anomalies were detected during an internal review and reported to the RBI as per protocol. A forensic audit subsequently confirmed the irregularities, he said, adding that the bank is awaiting further directions from the RBI. Mamgain said the concerned minister and the chief minister would also be approached for intervention.Meanwhile, contractor Mukesh Sharma said depositors' lifetime savings were at stake and questioned how the issue remained undetected for over a decade despite regular audits. He warned of protests if swift action was not taken and demanded strict action against those responsible.