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Kannur: A family of three women spent a night on the verandah of their house as the cooperative bank officials attached their house for defaulting on loan repayment. Kuthuparamba native PM Suhara, her mother Nabeesu and daughter Niswani said they have nowhere to go.
Though the bank had given time till September 15, officials seized the house two days ago, they alleged.
In 2012, Suhara borrowed Rs 10 lakh from Thekki Bazar branch of Kerala State Cooperative Bank. She repaid for eight months regularly but could not continue payment. Rs 4.34 lakh has been paid so far, she claimed. The bank allowed time till September 15 under the one-time settlement scheme. Meanwhile, arbitration officials arrived on Monday evening and evicted the family.
Bank officials said the attachment was inevitable as the family defaulted on the amount. They said the family was informed about the process.
To avert similar situations, Kerala had tried to remove cooperative banks from the stringent Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act). However, it was rejected by the central government.
Sarfaesi Act grants power to banks and Financial Institutions to recover their non-performing assets (NPA) loan dues without the intervention of the Court.
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