Karuvannur Service Co-operative Bank | photo: Mathrubhumi
Thrissur: Amid the controversies over the alleged loan scam, fixed deposits worth Rs 141 crore has matured by December 31 in Karuvannur Co-operative bank. It is reported that the fixed deposit belonged to 2900 families. Even Rs 1 cr is not disbursed to the depositors even after the maturity date.
Those who have invested in the bank for several purposes have to get a return of Rs 312.71 crore. Of this, 7000 depositors have fixed deposits of Rs 283.56 crore.
As per the records, the bank has distributed a loan of Rs 381.45 crore. However, a nine-member committee appointed by the Co-operation Department had found that Rs 219.33 crore mentioned in the documents of loan distribution was fake. Hence, it will be impossible to retrieve the money.
The committee put forward five recommendations for the smooth functioning of the bank. But none of them was accepted by the Government and the Department of Cooperation. The committee has proposed a direct plan of Rs 108 crore and two indirect schemes to protect depositors and revive the bank.
The committee also recommended that the government should intervene to sanction Rs 50 crore to the bank from the Deposit Guarantee Fund scheme. The government should form a consortium under the consortium lending scheme and raise Rs 50 crore to help the bank, proposed the committee.
Other recommendations are: The bank should claim the Rs 8 crore invested in Rubio and used for the bank's functions. Collect money by selling the bank's non-banking and unused assets.
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