Kasaragod: After nearly 24 hours of despair, 70-year-old Janaki T P — evicted from her home along with her family, including two granddaughters aged three and seven — saw a happy turn of events when an NRI businessman paid off their debt, prompting Kerala Bank to unseal the locked house.

Unnikrishnan Nair, founder and chairman of Mannath Group International — which is into event management, hospitality, robotics, and finance in the UAE — transferred Rs 1,92,850 to Kerala Bank’s account and insisted the house be opened that very night. The bank complied, unsealing the house around 7 pm on Thursday, March 20.

It was Unnikrishnan Nair’s gift to the family on the International Day of Happiness.

"We are happy. Last night, sleeping outside, we felt like there was no one for us," said Janaki’s son Vijesh T P. "We were saved by the news media. Journalism is about speaking up for people like us," he added.

Vijesh’s wife, Vijina, said her heart shattered when her mother-in-law and children cried after being locked out on Wednesday.

The CPM-controlled Kerala State Cooperative Bank, branded as Kerala Bank, invoked the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) to take possession of their dilapidated three-bedroom, tiled-roof house.

On Wednesday, March 19, Vijesh and Vijina took Janaki to Kanhangad for a pre-surgery cataract check-up. They returned around 6 pm to find their belongings outside, the house sealed, and a possession notice pasted on the wall.

In 2013, Vijesh, a coconut climber, had taken a farm loan of Rs 2 lakh. Two years later, he fell from a coconut tree, breaking his thigh bone and foot. Neighbours raised funds for his surgery, which involved a steel implant. Left unable to do heavy labour, Vijesh began defaulting on the loan.

The loan ballooned to Rs 6.5 lakh. The bank offered a one-time settlement of Rs 2.85 lakh, but when the family couldn’t pay, it initiated attachment proceedings.

Unnikrishnan Nair, who was home in Alappuzha, saw Janaki’s story on TV. "I immediately tried to contact the bank. It took several calls before I was connected to the Deputy General Manager for debt recovery," he told Onmanorama.

The DGM connected him to the branch manager, who quoted Rs 2.85 lakh as due. "I asked for a discount. Fortunately, Kerala Bank’s board was meeting in Thiruvananthapuram today, and they took up my offer," he said.

The bank agreed to settle for Rs 1,92,850 — the principal amount. "I transferred it immediately. My only request was that the family shouldn’t spend another night outside," he said.

Meanwhile, Kerala Bank faces criticism for defying the state government’s directive not to attach houses over loan defaults. On February 10, Chief Minister Pinarayi Vijayan told the Assembly: "As part of SARFAESI, banks are attaching houses, triggering several issues. In this context, the cooperative sector should lead by example. Our stance is that when houses are pledged as collateral, banks should not seize them under normal circumstances. Families have the right to live in their homes. Banks must not take actions that render people homeless. We had taken this decision earlier, but now we will issue instructions to ensure it is strictly followed."

Fifteen days after this statement, Kerala Bank approached the Kasaragod Chief Judicial Magistrate seeking assistance to evict Janaki’s family. Sabu Abraham, CPM leader and Kerala Bank director from Kasaragod said that although the CM made the statement, the standing instruction issued to cooperative banks barred attachment of homes on three cents in urban areas and five cents in rural areas. Janaki’s house, he said, stood at 26 cents, and the attachment was for 16 cents, including the house.