In connection with Karuvannur bank fraud, the govt on Wednesday informed High Court, that it will have all money refunded to the respective depositors. The bank’s assets shall be pledged to raise Rs. 50 crores.
Borrowings shall be made from banks including Kerala bank to clear all liabilities, the govt said, further seeking a time of 12 days to prepare a list stating the priority order of payees.
Those in urgent need of money may approach the bank with a written request along with proof of their deposits.
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