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States » EastPosted at: Apr 28 2025 8:52PM


Odisha CM launches refund of money of depositors of Bhubaneswar Urban Co-operative Bank

Bhubaneswar, Apr 28 (UNI) The process of refunding money of depositors of Bhubaneswar Urban Co-operative Bank has begun on Monday on the occasion of the birth anniversary of Utkal Gaurav Madhusudan Das, the founder of cooperative movement in Odisha.
The process of getting a refund of Rs 20.96 crore from a total of 9,537 depositors has begun,official sources said
Chief Minister Mohan Charan Majhi launched the refund process at a program organized at Lok Seva Bhavan.
On the first day on Monday Rs 2.80 crore was refunded to 117 depositors.
The Chief Minister symbolically handed over cheques to 9 depositors and refunded the money.
It is worth noting that the financial condition of Bhubaneswar Urban Co-operative Bank had deteriorated due to long-term management errors.
When the bank was closed in 2015, Rs 33 .87crore was to be refunded to 11,673 depositors.
So far, a total of Rs 12.78 crore has been refunded to 2,709 depositors, but depositors with more than Rs 1 lakh could not get their money back.
After the new government came to power, the Chief Minister decided to refund the money of these depositors.
Along with this, the money of the depositors of Dhenkanal, Chhatrapur, Aska and Bhanjanagar Urban Co-operative Banks will also be refunded,the Chief Minister said.
More than Rs 6 crore will be refunded to 17,859 depositors of these four banks.
Speaking on the occasion, the Chief said that among the many unforgettable contributions of Utkal Gaurav Madhusudan Das, one of the major contributions was the cooperative movement in Odisha.
Paying tribute to Utkal Gaurav, Majhi
said that about 50 lakh farmers in Odisha are associated with the cooperative movement.
Our goal is to connect all the farmers of the state with cooperatives by 2036. For this, there is also a goal of forming one PACS/LAMPCS in every panchayat of the state,he stated.
The Chief Minister said that while there are 2711 PACS in the state, now 1542 new PACS have been formed. It has been decided to provide Seed Money of Rs. 5 lakh to these new PACS.
On this occasion, an agreement was signed between the state government and IRMA School under Tribhuvan Cooperative University, Anand, Gujarat, to strengthen the cooperative societies of the state.
Registrar of Co-Operative Societies Siddhartha Das and Director of IRMA School Umakant Dash signed the MoU on behalf of the state government.
It will act as a knowledge partner for the good management of cooperative societies.
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