Will investigate death of Karuvannur bank depositor, special package formed to return money, says Minister V N Vasavan

KOZHIKODE: Minister V N Vasan said that investigation will be conducted in the death of a depositor due to lack of treatment as the Karuvannur bank failed to return her money. Further action will be taken after seeking more details. A special package has been created to return the money of the investors. Up to Rs 4.5 lakh have been refunded to the needy. A separate overdraft will be issued from Kerala Bank to pay the remaining amount.

Assistance will be provided from Investment Guarantee Scheme and Risk Fund. An attempt was made to resolve the crisis by forming a consortium in Karuvannur Bank. But the payment was delayed due to RBI's objection. The law will soon be amended to ensure transparency in the cooperative sector, said the Minister.