Government allots Rs 35 crore to pay maturity deposits and interests for Karuvannur bank, distribution starts today

Minister V N Vasavan announced that Rs 35 crore allotted to pay off deposits in Karuvannur bank will be provided from today itself. Cooperative Development Welfare Fund Board will also provide Rs 10 crore. Rs 25 crore will be provided by Kerala Bank as collateral for the assets of Karuvannur Bank.

Rs 142.71 crore is involved in maturity deposits in Karuvannur Bank. Rs 10.69 crore interest has to be paid. Investors have informed that many overdue investments can be reinvested if interest is earned.

The total deposit in the bank is Rs 284.61 crore. Rs 368 crore in loans and Rs 108.03 crores as interest has to be received A total of Rs 476 crore is due.

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