The Kandala Service Cooperative Bank has formed a special committee to ensure the return of depositors’ money and to prepare a package for the bank’s revival. A decision regarding this was taken in a meeting chaired by Minister of Cooperation V.N. Vasavan here on Friday.
Cooperative Secretary Mini Antony, Cooperative Registrar T.V. Subhash, Kerala Bank Executive Director K.C. Sahadevan, Thiruvananthapuram Joint Registrar Nizamuddin, Kattakkada Assistant Registrar Binil, Kandala Bank administrative committee convener J. Ajith Kumar, and committee members K. Upendran and K. Suresh Kumar are the members of the committee preparing the revival package.
The bank has been instructed to raise money by withdrawing existing investments and collecting loan arrears from the Cooperative Development Welfare Fund Board, Kerala Bank, and other cooperatives. Along with this, it has been decided to bring the operations to a normal level by using deposits collected by the bank through a deposit campaign.
Action initiated
According to a press release, Mr. Vasavan said that as soon as the first complaint regarding the irregularities in the Kandala Service Cooperative Bank was received, the government had initiated action. The investigations were launched in 2017 following a complaint from the Malayinkeezh Pourasamithi. Steps are being taken to confiscate the property of those responsible for the irregularities.
