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Kerala Bank

Kerala Bank will soon start as the government convening a general body meeting with 1,625 primary agriculture cooperative societies and 60 urban cooperative banks in all districts.

Kerala Government is expected to pass a resolution for merging with the Kerala State Cooperative Bank (KSCB) to form the Kerala Bank and followed by a Cabinet decision to promulgate an ordinance to restructure the management of the District Cooperative Banks had set the ground for expediting the procedures for forming the new bank.

There are special team formed which comprising professionals would be pressed into service for combining the assets and liabilities of the district banks with the KSCB, developing new banking solutions to meet customer needs, brand building, marketing and such other purposes.

One the merger is completed Kerala Bank would focus on fortifying its ATM network, Mobile banking, treasury management system, foreign currency management and such other operations with the consent of the Reserve Bank of India.

Currently the cooperative banking network shares 50% of the banking operations with the nationalized and new generation banks by doing a business of ₹1.5 lakh crore is expected of their business which including the NRI transactions.

The bank would cater to a wide spectrum of customers ranging from small and marginal farmers and traders in the rural areas to the urban elite and NRIs. It would have the leeway for allocating more funds for agriculture lending and also setting its priorities, sources said.

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