Service Cooperative Banks In Kerala – Thiruvananthapuram: As many as 164 cooperative societies in the state are not in a position to refund depositors’ money, as is the case with the Karuvannur bank.
A Thrissur Karalam native woman named Philomena, 70, died two days ago after being deprived of money for preliminary medical treatment despite having a deposit of Rs 30 lakh in the Karuvannur Cooperative Bank.
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Cooperation Minister V N Vasavan explained in the Assembly that there are 164 cooperatives which are unable to return the deposit money even after the deposit period is over.
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Most of such societies are located in Thiruvananthapuram district; 37 of them, including the Kandala Service Cooperative bank, where a diversion of Rs 100 crore was found.
The numbers from other districts are like Kottayam 22, Pathanamthitta 15, Alappuzha 15, Kollam 12, Malappuram 12, Thrissur 11, Kannur 11, Ernakulam 8, Kozhikode 7, Palakkad 5, Idukki 4, Kasaragod 2 and Wayanad 2.
Barely 10 days after Chief Minister Pinarayi Vijayan assured a guarantee for deposits with cooperative sector organizations in the Assembly, a 70-year-old woman from Karalam in Thrissur died without advanced medical treatment as she could not recover her deposits from the Karuvannur Cooperative. the bank
On the 18th, the Chief Minister gave the assurance in response to the demand of the Leader of the Opposition during a discussion on the requests for grants by the Department of Cooperation.
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Minister for Co-operation and Registration V N Vasavan stated at home on the same day that a project is under the anvil under the deposit guarantee scheme to ensure the safety of deposits made with Co-operative banks.
Leader of Opposition VD Satheeshan stated that depositors have been waiting together for years without refund of money deposited in many co-operative banks in the State, not only Karuvannur.
However, the CM, interrupting Minister Vasavan’s reply, stated that Karuvannur is an isolated case and such problems are rare.
Satheeshan, urging the Government to guarantee deposits in the Cooperative sector, said that there are problems and disagreements in banks run by both parties without political differences.
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Even then, the CM said that there are only minor issues and stated that the Cooperation department would take strong action to resolve them.
Although the State Co-operative Department had earlier assured that the deposit guarantee settled with the Co-operative Societies would be increased to Rs 5 lakh, it has not materialized yet.
The surety till now remains at Rs 2 lakh and is given on the basis of liquidator’s report.
With the promise to increase the guarantee to Rs 5 lakh yet to be fulfilled, the CM said that all deposits would be guaranteed, and Minister Vasavan announced that a project is being prepared under the deposit guarantee scheme.
Chovva Co Operative Rural Bank Ltd No F.1277
Events betraying public trust in the Co-operative sector are happening even as the State plans to bring in legislative amendments to utilize funds with the Co-operative sector for development of basic amenities in Kerala. CPM is under investigation for misappropriation of funds. An inquiry revealed that Rs 5.76 crore was siphoned off from the managed Kannambra Service Cooperative Bank to buy the governing board comprising CPM members.
The State Cooperative Department has ordered the bank’s secretary, employees and members of the board of directors to collectively return the misappropriated funds.
In an inquiry following allegations of large-scale financial misappropriation, the Special Grade Inspector informed that Rs 5, 76, 57, 751 should be charged to those involved in the scam.
More than 5 million collected as deposits from the public without the permission of the Department of Cooperatives was channeled into the construction of buildings. The report also mentions that an advance of Rs 1 crore was given to the Uralungal Labor Contract Cooperative Society (ULCCS) for carrying out construction activities.
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Changes and corrections were made to the plan and budget of the building, and were approved by the administrative committee from time to time. It was also found that the building was constructed without permission from the Cooperative Department.
The State Ministry has ordered a recovery of Rs 5, 06, 44930 against former bank secretary K Surendran, who diverted the funds without following the rules. The rest of the diverted funds must be charged to the former and current members of the board of directors, taking into account the period they have had on the board of directors.
• There was a loss in the conduct of the Onam fair. The money they received did not go into the bank and they kept it in their hands.
• There was a loss of 24, 94, 894 rubles for running a farmers’ welfare center. There was a loss of 1,36,573 euros due to the construction of a compound wall for the center.
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The bank authorities, however, have said that the only problem is not obtaining the administrative permission for the building and that they have all the other documents.
The Palakad Pravasi Co Operative Society (Papcos), which was started under the leadership of the CPM, had earlier alleged graft of 2.5 crores in the purchase of land for the Kannambra Rice Park.
Later, the party held an inquiry and R Surendran, secretary of the bank and also PAPCOS honorary secretary, was removed from his post.
C K Chamunni, who is Surendran’s relative, was demoted from the CPM District Secretary to the District Committee. However, Chamunni remains the vice-president of the CPM-ruled Palakkad District Panchayath.
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