Minister VN Vasavan stated that steps have been taken to supply safety for deposits in co-operative banks. All of the banks began auditing flawlessly. Investor safety scheme can even be applied. The Reserve Financial institution additionally performs a task in figuring out the compound rate of interest on Kerala Financial institution loans. Co-operative banks cost low rates of interest on agricultural loans. The compound curiosity charged on the co-operative mortgage throughout the moratorium can be waived on a one-time settlement. Permission was additionally granted to the Board of Administrators to grant concessions in rates of interest. The departmental inquiry was launched concurrently the grievance was obtained concerning the Karuvannur Financial institution rip-off. Motion was taken in opposition to the culprits. Nobody who dedicated the irregularity is now within the financial institution. The committee will take additional motion on the premise of the report. The minister stated he would look into whether or not NRIs, together with AR Nagar Co-operative Financial institution, have been allowed to simply accept deposits.
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