The RBI caught markets off guard with a 40 bps hike at an unscheduled meeting in May, followed by 50 bps increase in June, but prices have shown little sign of cooling so far.
Most such societies are in the Thiruvananthapuram district – 37 of them, including Kandala Service Cooperative bank where Rs 100 crore misappropriation was found.
Of late, scams were reported from several CPM-run cooperative banks across Kerala.
A total of 1,904 shares have advanced, 1,427 shares declined, and 148 shares were unchanged.
The strict order came on June 13 as the banks did not follow the initial directive given to them in April. With this, many entities under the State Government will have to face obstacles in availing of loans.
During the day the local unit witnessed an intra-day high of 79.86 and a low of 79.92 against the American currency.
Global risk aversion has led to rupee depreciation against the dollar.
The Rupee had weakened to a record low of Rs 79.96 last week, weighed down by broad gains in the dollar as red-hot inflation data raised fears of more aggressive policy tightening.
With a depreciation of more than 7 per cent this year, the currency exchange rate is slated to hit the low point of Rs 80 per dollar in India.
However, it is a boon for the exporters as they receive more rupees in exchange for dollars.