A building built for the proposed International Museum of the Cooperative Museum in Arayadathupalam in Kozhikode. | Photo Credit: K. Ragesh
The financial restrictions were forced by the Karassery Bank’s cooperative bank offices to present the highly anticipated project of the International Museum of the Cooperative Museum (ICM) on the rear burner.
On Friday, June 6, NK chairman of the bank NK Abdurahiman told the Hindes that the bank had rented a 14 -storey building near Arayidathupalam in Kozhikode, which was particularly built for ICM.
ICM was designed as the first of its kind in India and the second in the world (the first is in the oil -strip in the UK), the ICM was assumed as a goal to learn about the Indian cooperative movement, which has more than a century. He was supposed to have success and achievements of remarkable teams in India. The building was also to be accommodated by the Museum of Wax and the Art Gallery.
The project started in 2016, but was significantly delayed due to several technical problems. The outer lining of the building is already attracted by crowds, although interior work just has to begin. However, the lack of funds was imposed on a very expected project by a shock absorber.
“So far, we have invested the CRORE 80 GBP in the project. We owe the cooperative companies of Uralungal Suppliers, which built the building by at least 8 crore.
He said that the institution was unable to raise the required funds due to the restrictions deposited on the cooperative banks. “The co -operative banking sector is fighting. We are not allowed to attach real estate, even if the debtor did not pay loans. We survive only on gold loans,” said Abdurahiman, adding that the primary commitment of the bank was to the deposits and not the museum, and therefore the museum did not want to invest more in the project.
The bank has now invited an expression of interest in renting a building. “We do not use the ICM project. We will try to dedicate it to one floor of the building and rent the rest. The project can be implemented as a whole if we could get the required funds,” he added.
Published – June 6, 2025 20:24
