Malappuram: The High Court has rejected the petition against the ordinance issued by the government to merge the Malappuram District Co-operative Bank with the Kerala Bank. The Muslim League-led UDF came out against the government out of fear of losing power when the government implemented the idea of Kerala having its own bank.
The UDF committed corruption and fraud under the guise of governing the district bank. With the connivance of the board members, the UDF members have not yet repaid the huge loan taken from the bank. They also feared that they would have to pay back the money when they lost power. The prominent leader of the bank himself owes crores of rupees. The government may go ahead with the process of merging the Malappuram District Co-operative Bank with Kerala Bank with the High Court ruling on Wednesday.
Tuvvur and Pulpetta Service Co-operative Banks, which are controlled by the League, have approached the High Court against the ordinance. Following the end of the term of office of the Administrator of the District Co-operative Bank, the ruling UDF Governing Body also approached the Court against the Ordinance.
Kerala Bank came into existence on November 29, 2019. When all the 13 district co-operative banks in the state decided to join Kerala Bank, only Malappuram left. This was due to the opposition of the UDF leadership, which governs 90 of the 132 primary co-operative societies in the district.
On January 14 last year, the state government issued an ordinance to include Malappuram District Co-operative Bank in Kerala Bank. The co-operative society also directed the registrar to take further action. The High Court was approached against this ordinance.
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