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Mother’s investment gives immunity to Thrissur woman, kerala latest news, loan default procedures, cooperative banks in Thrissur,

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Mother’s investment gives immunity to Thrissur woman, kerala latest news, loan default procedures, cooperative banks in Thrissur,

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Thrissur: Karuvannur Cooperative Bank here issued an eviction notice to a woman in Thaliyakkonam near Irinjalakuda, for defaulting repayment of a loan worth Rs 3 lakh. However, after prolonged contestation, her mother’s investment with the bank has come as a rescue for the woman.

It was in 2018 that a woman named Geetha took a loan from Mapranam branch of the cooperative bank. Though she was initially prompt in her loan repayments, a cocktail of miseries such as floods, the demise of her husband and the Covid-19 pandemic resulted in her defaulting on the loan payment. Things escalated such that the bank had to send an eviction notice to her.

Meanwhile, Geeta’s mother Devaki has a deposit in Porathissery branch of the cooperative bank. Devaki approached the authorities with a request that money from her deposit should be debited to repay Geetha’s loan. However, the bank maintained that only half of the money should be transferred for repayment of the loan.

Similarly, when Devaki tried to withdraw the deposit they disallowed her by citing financial constraints. Bizarrely, the bank also informed Geetha that eviction will be initiated soon.

Based on Irinjalakuda Municipal Councilor’s intervention, the family approached the Joint Registrar of Co-Operative Societies, Mukundapuram. Considering the mother’s investment, Joint Registrar has given a favourable reply to Geetha.

She said that the authorities will consider it a special case and will initiate procedures to debit…

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