Scam-hit Karuvannur co-op bank to return Rs 13 cr to depositors
At the same time, investors who have a fixed deposit above Rs 5 lakh can withdraw 10 per cent of the amount from December 11.
At the same time, investors who have a fixed deposit above Rs 5 lakh can withdraw 10 per cent of the amount from December 11.
At the same time, investors who have a fixed deposit above Rs 5 lakh can withdraw 10 per cent of the amount from December 11.
Thrissur: The Karuvannur Co-operative Bank administrative committee has amassed Rs 13 crore to return money to the depositors from Saturday. As per the decision, 10 per cent of the deposit below Rs 5 lakh and its interest will be returned to the customers. Those who have a fixed deposit of upto Rs 50,000 in the bank can withdraw it completely from Saturday.
At the same time, investors who have a fixed deposit above Rs 5 lakh can withdraw 10 per cent of the amount from December 11. The bank decided to make these arrangements to allow the retail customers to withdraw their deposits.
The administrative committee of the bank claims that the bank received around Rs 49.2 lakh new deposits from over 80 customers amid the financial crisis. Apart from this, deposits worth Rs 11.2c crore were renewed. So far, the bank collected nearly Rs 85 crore from bad debt.
The committee plans to revive the cooperative bank and gain the trust of the customers amid the Enforcement Directorate's investigation into the Rs 150 crore scam. The bank had given Rs 103.6 crore by approving several bogus loans. The administrative committee hope that out of this amount, Rs 50 crore should be collected.