21-04-2025
Govt. aiding CPI(M) attempts to wrest control of KSCARD Bank, allege bank president and board of directors
The director board of the Kerala State Co-operative Agricultural and Rural Development Bank (KSCARD Bank) has accused the State government of aiding the 'undemocratic' attempts of the Communist Party of India (Marxist) [CPI(M)] to wrest control of the UDF-governed bank.
Bank president C.K. Shajimohan told reporters here on Monday that a recent addition to the Kerala Cooperative Societies Rules specifically targeted KSCARD Bank. The new Rule 43C provides for 'motion of no confidence' for the removal against the managing committee of cooperative societies and banks by the general body.
In the latest development, the Additional Registrar (Credit), Office of the Registrar of Cooperative Societies, has issued a notice on the strength of this rule for convening a meeting on April 24 to discuss a no confidence motion moved against the governing committee of the bank.
'Neither the Cooperative Societies Act, comprehensively overhauled by the government some months ago, nor the bylaw of the KSCARD Bank provides for such an action. The bylaw clearly says that an elected committee stays in power for five years,' Mr. Shajimohan said.
The State government has displayed unwarranted haste in pushing the amendment through. Although the bank management had filed an objection within the stipulated 15 days, it was not heard, he said.
United Democratic Front (UDF) members have a majority in the 18-member board of directors. Prior to the election of the current management, the bank was under an administrator.
Mr. Shajimohan went on to add that, unlike cooperative banks managed by the CPI(M), the KSCARD Bank has not drawn criticism for inefficiency or financial irregularities.
