Karuvannur bank returns investment of Rs 93 cr

IRINGALAKUDA: The Co-operative Bank Administrative Committee returned the investment of Rs 93 crores in Karuvannur Co-operative Bank. Rs 45 lakhs were received as new investment and loan repayments amounted to Rs 85 crores. The repayment of maturing deposits started from November 1.

From December 2, a fixed percentage will be refunded in a phased manner to those who have deposits of more than Rs 1 lakh (who have completed their maturity in October). Ten percent of the investment and 100 percent interest will be returned first. Those who have deposited less than 5 lakhs from December 2nd and those who have deposited more than 5 lakhs from 11th can withdraw the amount. Rs 13 crores will be returned in the package from December 2. Small fixed investors can withdraw their investment in full as soon as they want. Savings bank account holders withdraw up to Rs 50,000 and those with fixed deposits above Rs 1 lakh can withdraw a fixed percentage of the deposit amount and interest.

Administrative Committee Chairman PK Chandrasekaran informed that the target is to collect Rs 50 crore dues this year. CEO KR Rajesh, members Adv Mohandas and AM Srikanth attended the press conference.

Deposit withdrawn

4050 investors

Investment-Rs15.5 crores

Renewed- 11.2 crores-1820 people

New depositors-85 (41.2 lakhs)