Kerala Bank, announced as the largest in the state, launched by CM
Thiruvananthapuram, December 6 () Kerala Bank, an amalgam of district cooperative banks in the state, was launched by Prime Minister Pinarayi Vijayan on Friday, fulfilling the dream of the left front government.
It will provide unlimited opportunities for the state and also facilitate transactions in other countries with a considerable population of keralites, Vijayan said in a function here that was boycotted by the UDF opposition led by Congress.
According to government sources, 13 district cooperative banks (DCB) are merging with the Kerala State Cooperative Bank to form the Bank of Kerala.
The UDF had opposed the idea by saying that it had alleged that it would destroy the traditional cooperative sector.
All cooperative district banks have a solid foundation. And when all of these merge and form a single bank, it will soon become the largest bank in the state, Vijayan said.
He also said that the bank will facilitate transactions in other countries with a considerable population of keralites.
The keralites are spread all over the world. They can invest in the Kerala Bank. We need to obtain permission from the Reserve Bank of India to receive deposits from NRIs. We have requested that, he said.
The prime minister also added that the bank will have all the latest facilities, including Core Banking.
He offered to discuss with the opposition parties and clarify his apprehensions.
I would like to make a public appeal to those who have stayed away from this function that if they have any misunderstanding, I would like to ask them to hold talks with the minister in question or, if that is not enough, I am always willing to discuss the matter, He said Vijayan
The bank became a reality with the Kerala High Court on November 29, dismissing a lot of petitions against it.
Cooperation Minister Kadakampally Surendran said that the creation of the bank opens up enormous potential for the development of the state.
All DCBs that prohibit the Cooperative Bank of the District of Malappuram controlled by the UDF have approved the government's proposal for the merger at their respective general body meetings. The RBI had previously granted its approval to the Kerala Bank, the objective of its formation, according to the government, was to strengthen the cooperative sector. RRT VS VS