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Wednesday, May 28, 2025
The RBI circular notes that cooperative societies' use of banks violates Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies).
Sabu had approached the bank to withdraw his deposits to cover the medical expenses of his mother and wife.
Sabu (56) was found hanging in front of the bank on December 20.
Vehicles were blocked and shops were forced shut.
Only 8,703 of the 35,000 votes were polled due to the conflict.
The investors formed an action committee and intensified protests against the bank.
Despairs run high over unreturned funds from the Society, where Sajitha Shankhar had entrusted her earnings, including proceeds from selling artworks.
According to Thomas, the bank informed him it was a clerical mistake. However, they are not ready to reveal who has benefited from the amount and the employees behind it.
Biju Kumar, who found hanging, allegedly had financial dealings involving bank president Jayakumar, according to his relatives.
Ratheeshan K (38), secretary of Karadka Agriculture Welfare Cooperative Society for the past 12 years, has vanished into thin air.
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