Munnar,–Chairman Sasi said that some people are spreading false rumors against the Service Co-operative Bank which is functioning under the leadership of Marxist Communist in Munnar.
On behalf of the bank, a star-rated hostel was purchased at Mattupatti Road at a cost of Rs.29.5 crore.
There were allegations of irregularities. Bank Chairman Sasi said, “The bank, which was started in 1988, has been offering a profit rate to customers since 2002, and 25 percent has been provided for four years.
In order to generate income through tourism and provide employment opportunities to hundreds of people, a hostel was purchased at Mattupatti Road and a park with recreational features was constructed at Blossom Park in Old Munnar.
Some spread false rumors to hinder their activities. The hostel was purchased under the norms of Co-operative Bank and RBI. After applying to the Collector for the clearance certificate, the construction of the park started.
We hope that the ongoing case in the Kerala High Court will be favorable in this regard.
Otherwise, arrangements will be made to shift the park to another location with security so that the bank does not incur a single rupee loss, he said.
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