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Kerala Bank may become a reality soon

The Reserve Bank of India has given the final approval for the setting up of Kerala Bank, after the district central cooperative banks in the state are merged and a 2-tier cooperative banking system is set up. The proposed bank will be the largest banking network in the state. The DCCBs will be merged with the Kerala State Cooperative Bank to form the proposed bank. The RBI’s approval is subject to certain conditions and the setting up of the new bank would be in accordance with the final verdict of some cases pending before a court in the state. As many as 13 DCCBs have approved the merger, initiated by the ruling Left Front government in the state, but one – Malappuram DCCB – has not agreed to the decision. Malappuram DCCB is controlled by the opposition Congress-led UDF. The government had said the objective of the formation of Kerala Bank is to strengthen the cooperative sector.

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