Kerala Bank will be presented as an Onam gift, says Minister Kadakampally Surendran

The state government hopes to present Kerala Bank, mooted to revamp the shaky cooperative sector, as an Onam gift to the Malayalis, said Minister Kadakampally Surendran in Kannur on Monday. 

Published: 13th February 2018 01:10 AM  |   Last Updated: 13th February 2018 03:07 AM   |  A+A-

By Express News Service

KANNUR: The state government hopes to present Kerala Bank, mooted to revamp the shaky cooperative sector, as an Onam gift to the Malayalis, said Minister Kadakampally Surendran in Kannur on Monday. 
Speaking to reporters at Mundayadu indoor stadium where the Sahakarana Congress is being held, he said the state government was able to garner support from the cooperative sector regarding the idea of Kerala Bank. The official functioning of the bank will begin once it gets the recognition from the RBI, he said. 

Some of the people at the discussion raised doubts regarding the merging of primary cooperative banks into Kerala Bank. Such anxieties are out of place, said Kadakampally. Forty-two per cent of the cooperative banks in Kerala are running at a loss. Once Kerala Bank comes into force, such banks will be strengthened through setting up modern facilities in their branches to attract more customers, he said.  Primary cooperative banks will be helped to compete with the rest by making them well-equipped to provide the service offered by nationalised and new generation banks. 

The congress has discussed in detail the challenges faced by the sector, said Minister. As part of strengthening the sector, the efficiency of employees will be improved through modernisation and diversification. Training has already been started in view of this challenge. To improve the interaction of the officers with the public, a BSNL CUG (Closed User Group Tariff) will be given to them.  In some cases, the reason behind the collapse of the banks is the outdated audit system, said the minister. As part of the revamp, the audit system also will be systematised. The minister also expressed his hope the cabinet will give its nod to the newly formulated cooperative policy without much delay.

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