dues in cooperative consortium; KSRTC in Nettotam, Finance Department as spectators

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Thiruvananthapuram: KSRTC is in a bind of curiosity as a result of non-payment of loans taken from cooperative societies. The reimbursement of the mortgage taken from the cooperative society for pension distribution was delayed. The registrar of co-operatives repeatedly requested after the month-to-month reimbursement was stopped.

Within the meantime, the co-operative society's insistence that they may proceed to get cash provided that they pay extra curiosity. KSRTC is giving pension to 42,200 folks by taking loans. When the steadiness of KSRTC was misplaced throughout the monetary disaster, the finance division was a spectator with out interfering in something.

After a number of requests, KSRTC had handed over the quantity to be given as reimbursement to the cooperative society in February. After the registrar of co-operatives requested the cash in February, the co-operative group gave it to the registrar's particular TSB account. 77,04,20,935 in February together with eight p.c curiosity was paid final day, however the mortgage arrears from March couldn’t be recovered.

The consortium was began with the promise of paying curiosity each month on a set date to the teams who deposit cash into the cooperative for a interval of 1 12 months. Co-operative societies deposit cash right into a joint account opened in Kerala Financial institution within the title of the fund supervisor and the co-operative registrar.

Along with service cooperative banks, workers' cooperative societies are additionally included within the consortium. However because of the delay in reimbursement, cooperatives have misplaced curiosity in giving cash to the consortium. Borrowing, which began at 8 p.c curiosity, was regularly elevated. The rate of interest at the moment demanded by the co-operative society is 9.1 per cent.

On the identical time, since 2018, the Cooperative Consortium has given a mortgage of Rs. 15,000 crores to the federal government in a number of installments for numerous functions and all this has been returned on the time of want.

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