Bank made more than Rs 35 crore profit; President CK Shaji Mohan alleges vested interest as reason behind in dissolving of governing body

THIRUVANANTHAPURAM: President CK Shaji Mohan has alleged in a press conference that there is a vested interest in dissolving the governing body of the State Agriculture and Rural Development Bank, which made a profit of more than Rs 35 crore in the current year. The committee took charge again yesterday after the court stayed the dissolving of governing body.

"The governing body of the profit-making bank was dissolved without any reason amid complaints of financial irregularities in the co-operative sector. Those who lost the elections were made administrators. This is illegal. There is no complaint against the governing body. If there are irregularities, an inquiry should be conducted against the governing body under Section 65. No investigation has been conducted against the agriculture bank. Of the 14-member governing body elected, 11 are from the UDF. The Left Front has three members. They didn't complain either. There is an ulterior motive behind the dissolution of the governing body," the president said.

The Left Front members had disrupted the general meeting convened to waive off the loans of 52 victims of the Wayanad tragedy worth Rs 1.05 crore and return the mortgages. Following this, the government issued an order dissolving the governing body. The President said that the process will be expedited in the event of the governing body returning to power and more loans will be given to the farmers with the help of NABARD. The press conference was also attended by 11 bank directors.