Kerala Bank won’t impose user charges: Cooperation Minister Kadakampally Surendran

The proposed ‘Kerala Bank’ will do away with user charge for most of the banking services, said Cooperation Minister Kadakampally Surendran in the Assembly.

Published: 08th December 2018 04:22 AM  |   Last Updated: 08th December 2018 04:22 AM   |  A+A-

Kerala Minister Kadakampally Surendran (Facebook photo)

By Express News Service

THIRUVANANTHAPURAM: The proposed ‘Kerala Bank’ will do away with user charge for most of the banking services, said Cooperation Minister Kadakampally Surendran in the Assembly. Along with low interest loan rates, the new bank will also be able to provide loans in more areas to attract the customers. 

With the RBI issuing in-principle nod for the Kerala Bank, the government has decided to formally merge the 14 district cooperative banks and the Kerala State Cooperative Bank. With this, the three-tier short-term cooperative institutions will move to a two-tier system. With reduction in one tier, the interest loan rate can also be cut down. 

Replying to the question raised by Anil Akkara MLA, the minister said the merger will be as per the 19 conditions set by the RBI. According to the RBI, the government should complete the procedures for the merger by March 31, by following all financial and legal norms and approach the RBI for the final approvals and licences. Various steps are being taken up to initiate modern facilities in the Kerala Bank.

Stay up to date on all the latest Thiruvananthapuram news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp