Thiruvananthapuram: The governing committee of the Thiruvithamcore Cooperative Society has said that the reports circulating about the society for the past two days are untrue. The crisis that has affected the cooperative sector of Kerala in general has affected the society as well. The committee was reacting to the cases filed by the depositors against the society.
In a statement issued by M S Kumar, the former president of the governing committee of the Thiruvithamcore Cooperative Society, it was said that the reports claim that the society is in crisis and has experienced major fraud. The crisis affecting the Cooperative Society is the same as the one that has impacted the entire cooperative sector in Kerala. He assured that the society is capable of returning the money to all its depositors.
“During the pandemic lockdown period, there was a decline in new deposits and loan repayments. Even though the situation improved later, news about other societies like Karuvannur, Kandala, and BSNL began to surface, forcing the public to distance themselves from the cooperative sector. No new deposits have been made in the last four years.
Deposits are typically made for only one or two years, whereas loans are given for five to 10 years. Some loans are not being repaid on time, leading depositors to withdraw their investments en masse. This is the real crisis the society is facing,” Kumar said.
Collection agents are the backbone of all societies, typically collecting around Rs 7 lakh each and depositing it with the society. They are given a commission of 3% of the amount they collect. After six months, depositors are given 5% interest.
The society charges 12% interest on loans given from these collections, so the commission paid to agents is not a liability for the society, he added. He said none of the governing committee members has engaged in any corruption, nor have they gone into hiding. They are ready to face any investigation.
By recovering overdue loans and using at least a quarter of the amount for new loans, the society can offset its losses within three to four years, he added. We also published the following articles recently Cinema has been burdened with being the moral compass of society: Vidya Balan Vidya Balan shared humorous anecdotes about her social media comedy and expressed her love for comedic roles in films at a recent Bengaluru event. She reflected on the lack of comedy roles for actresses today and discussed how acting allows her to explore diverse female characters.
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