Kannur: The Communist Party of India-Marxist (CPM) has sought to silence criticism about a Rs 100-crore loan that Kannur District Co-Operative Society granted to the Kerala State Road Transport Corporation (KSRTC). The party directed leaders of the Bank Employees Federation of India (BEFI) as well as some officials at the co-operative department not to press on with the controversies about the loan.
The bank granted the loan following a decision taken by Kerala government. The state leadership of CPM and the district leadership are also of the view that it's not wrong to sanction a loan that has government guarantee. The party has given this assurance to the BEFI leaders.
The bank had witnessed witnessed dramatic developments earlier this month as senior officials went on leave to avoid sanctioning the loan. This open protest by the bank staff did not go down well with the CPM, who told the officials it could have been avoided.
The KSRTC is repaying Rs 7 lakh every day for the past four days at the district bank. The revenue from the Payyannur depot is being used to repay the loan.
The BEFI is willing to stop the protests as the repayment is on. Besides, the government has temporarily frozen the transfer of two district bank officials. The organization clarified that protests were not about granting the loan, but because the correct procedures were not followed while doing this.
