Kerala bank to provide Rs 50 crore advance to Karuvannur bank to end crisis

Kerala Bank will give an advance of Rs 50 crores to Karavannur Band to end the crisis. MK Kannan discussed this matter with the Chief Minister in today's meeting.

Thrissur: CPM State Committee Member and Thrissur District Cooperative Bank President MK Kannan met Kerala Chief Minister Pinarayi Vijayan today (Sep 29). The meeting was before he was going to appear before the ED in connection with the Karuvannur Cooperative Bank fraud case. This is the second time that MK Kannan is being questioned by the ED.

As per reports, Kerala Bank will give an advance of Rs 50 crores to Karuvannur Band to end the crisis. MK Kannan discussed this matter with the Chief Minister in today's meeting. This move is intended to return the money to the investors within 3 days.

A board meeting will be conducted tomorrow (Sep. 30) at 11 a.m. After that, the final decision will be made.

CPM has decided to take steps to revive the Karuvannur Co-operative Bank. The district and state leaders will personally meet the investors who have lost money and assure them that they will return the money. These matters were explained in the party's reporting in the context of the Karuvannur bank crisis. The plan is to immediately distribute 50 percent of the amount to the investors. The leaders themselves are trying to find money for this. The objective is to raise money by speeding up the revenue recovery process and accepting investments. 

Meanwhile, the audit report of the Kuttoor Service Cooperative Bank, currently under the control of the CPI (M), was released on Wednesday( Sep 27), revealing various irregularities. The bank's operational scope violated regulations, resulting in extensive financial losses. The construction of a new building was carried out in violation of the law. A loan of Rs 20 lakh was granted to the wife of the party area secretary at an inflated address. However, the area secretary stated that the Rs 20 lakh loan was taken earlier for medical treatment and was repaid before the deadline.