The Kerala Bank posted an increase of over Rs 3,209 crore in deposits when compared to the last financial year.
This is a stop-gap arrangement to run the business until the Public Service Commission recruits candidates for permanent employment, according to the bank.
Every month, the bank witnesses 65-73 retirements in various positions, ranging from office attendant to managerial staff.
The Kerala Bank has already released Rs 824 crore in this fiscal under various other loan schemes to finance small-scale ventures.
Experts said that the decline indicates that expatriates are dipping into the reserves as a large number of them have returned to the state following job loss, mostly from West Asian countries.
The meeting adopted the auditor’s reports for 2020 and 2021 financial years and budgets for 2022 and 2023 fiscals.
Their modus operandi came to light after a bank conducted a detailed check on the documents submitted, which were found to be fake.