In a recent telephonic conversation between Prime Minister Narendra Modi and BJP candidate T.N. Sarasu from Alathur, Kerala, PM Modi pledged stringent action against cooperative banks involved in deceiving depositors.
The assurance came in response to Ms. Sarasu’s complaint about the exploitation of the poor by certain cooperative banks, particularly those under CPI(M) leadership, in Kerala.
The conversation, which has since gone viral on social media, highlighted the pressing issue of financial malpractice within the state’s cooperative banking sector.
During the call, Ms. Sarasu voiced concerns over the mismanagement of funds in cooperative banks, emphasizing the plight of depositors who have been unable to retrieve their savings.
In response, Prime Minister Modi acknowledged the gravity of the situation, affirming the government’s commitment to ensuring justice for the affected individuals. He assured Ms. Sarasu that strict measures would be taken against those responsible for the irregularities, with a focus on recovering every penny owed to depositors.
The conversation sheds light on broader concerns surrounding cooperative banking in Kerala, with prominent figures like Sahakar Bharati’s Satish Marathe expressing opposition to the state government’s proposal to merge district cooperative banks into the Kerala Cooperative Bank.
Marathe warned against the adverse effects of such a merger, particularly on farmers, advocating instead for the strengthening of existing cooperative banks.
Meanwhile, the Enforcement Directorate (ED) has initiated investigations into multiple cooperative banks in Kerala following reports of financial irregularities.
The ED’s probe into the Karuvannur Service Cooperative Bank has uncovered similar irregularities in twelve other cooperative societies across the state, including Ayyanthole, Thumboor, Nadackal, Mavelikkara, Moonnilavu, Kandala, Perunkavilla, Mylapra, Chathannoor, Konni, Marayamuttam, and the BSNL Engineers Cooperative Bank.
“Prime Minister Modi’s assurance to address the issue of fraudulent cooperative banks reflects the government’s determination to uphold financial integrity and protect the interests of depositors in Kerala”, said NCUI President Dileep Sanghani reacting to the development.
As investigations continue and public scrutiny intensifies, the government faces mounting pressure to deliver on its promise of accountability and justice in the banking sector.
