THRISSUR: The administrative committee announced a one-time settlement scheme for loan recovery and to bring back the lost sheen of the now-tainted Karuvannur Bank. The chairman of the administrative committee P K Chandarshekaran also announced huge interest concessions to meet the target.

The Bank Administrative Committee said that the one-time settlement scheme, which will be given till December 30, will provide an interest rebate of 10 to 50 percent. Those who are seriously ill, mentally challenged, and whose parents are deceased will be allowed interest concession as per the decision of the Administrative Committee.

The non-repayment of deposits on time and the death of many depositors have brought ill fame to the bank's reputation. Meanwhile, the ED investigation into the fraud case has also contributed to the downfall. The current move is a last resort attempt from bank authorities to save face from the crisis. Meanwhile, efforts are also being made to attract more investments to the bank and to instill faith back in the public.

In recent days, there have been reports of people who have deposits in the bank re-investing more money. The bank authorities and officials involved are vigorously promoting such news on social media.

Interest Concession:

Loan outstanding up to one year – 10%

Loan outstanding up to five years – 50%