Karuvannur bank recovers ₹162.94 crore, repays ₹178.78 crore; annual meet held after 6 years
Karuvannur Bank's AGM, held after six years, focused on loan recovery and member confidence. Depositors protested outside, demanding their money back and government intervention.
Karuvannur Bank's AGM, held after six years, focused on loan recovery and member confidence. Depositors protested outside, demanding their money back and government intervention.
Karuvannur Bank's AGM, held after six years, focused on loan recovery and member confidence. Depositors protested outside, demanding their money back and government intervention.
The annual general meeting of the Karuvannur Service Cooperative Bank was held after a gap of six years. The last AGM was conducted in 2019.
The meeting decided to intensify recovery of defaulted loans, restore members’ confidence and strengthen the cooperative institution. It was also decided to focus on non-banking commercial activities.
The bank has so far recovered ₹162.94 crore, including principal and interest, from defaulted loans. It has repaid ₹178.78 crore, including principal and interest, to depositors.
Bank president R L Sreelal, who chaired the meeting, said the management committee was working to enable the bank to recover defaulted loans, return money to depositors according to their needs and meet the financial requirements of its members.
Meanwhile, depositors staged a protest outside the venue of the AGM, wearing cloth over their mouths. The protest, organised by the Karuvannur Cooperative Bank Depositors’ Collective, was held outside P K Chathan Master Hall at Mapranam.
The protesters demanded the return of their deposits, state government intervention and financial assistance. They also demanded that the properties of those accused in the bank fraud be seized and the accused jailed. The protesters further sought the auction of properties seized by the Enforcement Directorate (ED).