THIRUVANANTHAPURAM : Lies spread faster than truth, but in Chennithala’s case it also crashed soon enough. On his FaceBook page, Opposition Leader Ramesh Chennithala lamented KIIFB’s loss of Rs 268 Cr, blaming Finance Minister Thomas Isaac for the mindless deposit of that sum with crisis-hit Yes Bank.
The hoax blew up soon as KIIFB responded to the allegation announcing, it had no deposits whatsoever with the new generation bank.
Chennithala's Claim
Rs 268 Crore deposited by KIIFB with Yes Bank has run into loss. Masala Bonds picked at 9.72 % interest were deposited with Yes Bank for 7.5 % interest. Finance Minister Thomas Isaac is responsible for this gross loss. KIIFB has deposits to the tune of Rs 675 crore with various new generation banks.
LIIFB's Counter
There are no KIIFB deposits with Yes Bank presently. All surplus amounts belonging to KIIFB have been invested with secure establishments, strictly complying to set norms.
KIIFB’s transaction with Yes Bank lasted only so long as the bank enjoyed AAA credit rating. Beyond that, on 8 August 2019 all deposits lying with Yes Bank were withdrawn – a move that came on the back of Investment Committee’s decision that observed slump in Yes Bank’s rating.
From a total of Rs 2,150 raised via Masala Bonds, Rs 1,188.35 core was spent on various schemes. The remaining sums have been deposited in adherence to investment norms. Besides, no amount from Masala Bonds was at any point deposited with Yes Bank.
