Kannur
Co-operation Minister VN Vasavan said that the confiscation of Muvattupuzha Urban Co-operative Bank was once morest the policies of the state government and action would be taken once morest the official who locked the house. The government has decided not to confiscate and evict anyone from the streets. He told the media that the confiscation action once morest those living on three or four cents should be taken only following they have moved to another place.
According to the Muvattupuzha Joint Registrar’s preliminary investigation report, an officer of the Muvattupuzha Urban Co – operative Bank had asked to demolish the house. The Co-operative Registrar has been directed to take action once morest the officer on the basis of this report. The confiscation was part of a court order. Urban banks are under RBI.
The Sarfasi Act was introduced by the Central Government. The minister said the state government might not do anything once morest this.
Not affiliated with Kerala Bank
Kerala Bank has nothing to do with the confiscation of Muvattupuzha Urban Co-operative Bank, Chief Executive Officer PS Rajan said in a press release.
Kerala Bank’s position is to help loan defaulters. The Bank is implementing a loan restructuring plan defined by the RBI. Implementing a one-time settlement scheme for the deserving following examining the financial situation. It has the approval of the State Government. Kerala Bank employees have settled the liabilities of more than 30 people who are poor and unable to repay loans due to serious illness. The CEO said the bank’s president, board members and board of management members are spearheading such activities.
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