Denial of loan: CPM men force closure of bank

Activists of the DYFI and the CPM led by Mathew T Thomas MLA forced the SBI to close down its Market Road branch at Tiruvalla on Wednesday.

The activists gheraoed the bank manager and hoisted their party flag on the bank building.

The issue started when the bank refused to provide education loans to some eligible students from Kuttoor.

“The district banking review committee had directed the bank to issue education loan to these students. However, even after one week, the bank failed to do so. On enquiring, we found that the AGM declined to sanction the loans without giving any reasons. So, we are going to protest until the loans are passed,” Mathew T Thomas said.

“The bank officials have not agreed to give written assurance to us that they would give the loan. So, we are closing the bank,” the MLA said.

The bank officials said that they will sanction all the education loans after the students prove that they can repay it.