Bengaluru: Serious questions have been raised over the functioning of Maheshwari Souharda Credit Co-operative Ltd., Bengaluru, after a depositor alleged that the institution has failed to release his own savings despite a duly submitted withdrawal request and repeated follow-ups.
According to the depositor, he maintains a savings account with the co-operative and has an adequate balance. Acting on directions from bank staff, he submitted a formal request for withdrawal and also furnished alternate bank account details to facilitate the transfer. He was assured that the amount would be released within a short period.
Days later, the money had neither been transferred nor paid. When the depositor returned to the branch seeking an explanation, officials allegedly offered evasive responses and failed to provide any clear timeline, leaving him uncertain about access to his own funds.
The depositor has stated that denial of timely access to personal savings has disrupted routine financial obligations and caused avoidable hardship and mental distress. “This is not borrowed money or an investment under dispute. This is my own savings,” he said, questioning why a legitimate withdrawal request was being delayed without explanation.
The episode has triggered concerns about accountability and customer service standards within sections of the co-operative banking sector. Experts point out that co-operative credit institutions operate primarily on depositor trust, and unexplained delays in releasing funds strike at the core of that relationship.
“Transparency and prompt service are non-negotiable in banking. Any institution that withholds a depositor’s money without clear justification risks eroding public confidence,” said a banking observer.
The matter involving Maheshwari Souharda Credit Co-operative Ltd. highlights the urgent need for stronger internal grievance redressal mechanisms and regulatory oversight to ensure that depositors are not left at the mercy of vague assurances. The depositor has urged the management to resolve the issue immediately and restore confidence, failing which he may be forced to seek intervention from higher authorities.
