Mother’s Investment Gives Thrissur Wife Immunity, Kerala Latest News, Default Proceedings, Co-operative Banks in Thrissur,
Thrissur: Karuvannur Cooperative Bank has here issued an eviction notice to a woman from Thaliyakkonam near Irinjalakuda, for defaulting on a loan worth Rs 3 lakh. However, after a prolonged dispute, her mother’s investment in the bank came to the rescue for the woman.
It was in 2018 that a woman named Geetha took out a loan from the Mapranam branch of the cooperative bank. Although she was initially quick in her loan repayments, a cocktail of miseries such as flooding, the death of her husband and the Covid-19 pandemic caused her to default on the loan. Things got so bad that the bank had to send him an eviction notice.
Meanwhile, Geeta’s mother, Devaki, has a deposit in the Cooperative Bank’s Porathissery branch. Devaki approached the authorities with a request that his deposit money be debited to repay Geetha’s loan. However, the bank maintained that only half of the money needed to be transferred for repayment of the loan.
Similarly, when Devaki attempted to withdraw the deposit, they refused it citing financial constraints. Oddly, the bank also informed Geetha that the eviction would be launched soon.
Based on the intervention of the Irinjalakuda Councillor, the family contacted the Joint Registrar of Cooperative Societies, Mukundapuram. Given the mother’s investment, Joint Registrar gave a favorable response to Geetha.
She said authorities would treat this as a special case and initiate proceedings to take money from her mother’s deposit to repay her loan.
Notably, Karuvannur Cooperative Bank was in a bad light for an alleged scam worth Rs 300 crores. The investigation is still continuing on the subject.