Bank transaction that makes people cry

People deposit money in banks not only to earn interest but also for other important purposes. The main factor that motivates everyone to deposit money in banks is that it can be used for personal matters like children's marriage, house construction, and medical treatment. One of the basic principles of banks anywhere in the world is the assurance that the money deposited will be returned to the depositor at the time of demand. Many banks in the country have been shut down for breaching this promise. That was also the apparent reason for the shutting down of Quilon Bank in Travancore.

Although the fixed deposit is for a fixed period, the depositor has the right to withdraw the money before maturity even by incurring a loss. To say that it will not be given is tantamount to goondaism. Such an action was taken on the part of Karuvannur Cooperative Bank, which was known all over the state for fraud. When the family of Erattuparambil Philomena went to the bank to withdraw Rs 28.5 lakhs out of the Rs 30 lakhs deposited in the bank, the authorities refused to give them the money. Philomena's husband Devassy demanded money as Philomena was undergoing treatment at a hospital. He told the media that the bank authorities not only denied him the money but also treated him in an inhuman manner. This is a bank with cases of fraud and irregularities of Rs. 300 crores. The fraud was exposed a year ago. 17 people, including members of the governing body and employees, were arrested. The case will go on for years. We have to wait and see if there will be a solution. At the same time, it is not right to ignore the fact that many cooperative banks in the state are functioning well without any fraud. However, a few banks like Karuvannur are a shame for them too. If one person in the family goes wrong, the whole family will be known for that person's misdeeds.

Philomena, who was a nurse, and her husband, who was in the Gulf, had deposited their lifetime savings of Rs 30 lakhs in the bank. The bank returned them 4.5 lakhs in three instalments when they repeatedly asked for money for their son's surgery. When Philomena was first admitted to Taluk Hospital and later to Thrissur Medical College Hospital due to an infection in the brain, her husband Devassy approached the bank to get the money back. If he had received the money, the family would have been able to provide better treatment to her and probably save her life.

Following the death of Philomena, her relatives staged a protest in front of the bank with her dead body. The bank was ready to give Rs 2 lakh when the RDO came to the spot and held a discussion. Karuvannur Bank's action of denying money to Philomena's family cannot be justified. This issue can be solved only if the Co-operative Minister intervenes and takes the necessary steps to pay the family the entire money deposited by them.