Kochi: The High Court of Kerala has ordered the Karuvannur Cooperative Society Bank to stop all payments to depositors until the government comes up with a roadmap, prioritising the repayment of deposits.
While issuing the order, Justice T R Ravi exempted payments for emergency purposes from the temporary ban but said it should be reported to the High Court. The Karuvannur Cooperative Bank has been at the centre of a multi-crore loan scam.
Observing that the deposits were being returned without any criteria, the court directed the government to seek ways to avail loans to tide over the crisis. It also sought the audit report of the bank…
