Customers needn't fear: Amanath Bank

When contacted, Amanath Bank officials said the problem would be resolved soon. "We contacted the registrar of co-operative societies (RCS) after hearing that the Reserve Bank of India had restricted cash withdrawal by our customers to Rs 1,000," said Ubaidullah Sherief, a bank shareholder.
"The RCS told us the RBI rider followed the scrutiny of an old balance sheet of the bank which had a huge amount of NPAs (non-performing assets).But the bank has brought down the NPAs phenomenally. The latest balance sheet reflects this. We'll approach the RBI on Monday with the new balance sheet to convince the central bank about the reduction of NPAs in the current financial year," said Sherief.
He said the issue would be resolved by Wednesday, and customers needn't have any fears about the money invested and deposited in the bank.
On January 13, 1977, Mumtaz Ahmed Khan and K Rahman Khan founded the bank, which attained the status of Karnataka's first scheduled urban co-operative bank. With a capital base of Rs 3 lakh, the bank now has deposits of over Rs 440 crore. The bank, which began with about 3,000 members, now has more than 41,000 members. It has more than 2.54 lakh depositors and account holders who are serviced by 15 branches in Karnataka.