Cabinet nod for Kerala Cooperative bank  

The Cabinet has approved the M S Sreeram report recommending the merger of 14 District Cooperative Banks (DCBs) and state cooperative bank to form the Kerala Cooperative Bank.

Published: 29th June 2017 01:20 AM  |   Last Updated: 29th June 2017 11:05 AM   |  A+A-

Image for representation only.

By Express News Service

THIRUVANANTHAPURAM: The Cabinet has approved the M S Sreeram report recommending the merger of 14 District Cooperative Banks (DCBs) and state cooperative bank to form the Kerala Cooperative Bank. It was on April 28 the report was submitted to the government.  In the wake of the approval of the report, the government will take up the issue with the   Reserve Bank of India (RBI) and NABARD.


An action committee headed by V R Ravindranath, former general manager NABARD has been formed to formulate a practical plan for the proposed bank.The Cabinet observed that the Kerala Cooperative Bank could help utilise the fund parked in the cooperative sector. The credit-deposit ratio will be raised and interest rate is brought down.


The Cabinet noted following the state government’s move, the Punjab Government has also started efforts to merge the cooperative banks. Maharashtra and Uttar Pradesh have also evinced interest and contacted the government.

Stay up to date on all the latest Kerala 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