THIRUVANANTHAPURAM: With the RBI issuing in-principle nod for the Kerala Bank last week, the Cabinet on Wednesday decided to formally merge the 14 district cooperative banks and the Kerala State Cooperative Bank.
With this, the three-tier short-term credit cooperative institutions will move to a two-tier system. Following the Cabinet decision, the government announced that the merger will be as per the conditions set by the RBI. On October 3, the government had moved a big step towards realising the dream of the ‘Kerala Bank’ with the RBI giving in-principle approval for establishing the bank through the merger.
According to the RBI, the government should complete the procedures for the merger by March 31, 2019, by following all financial and legal norms and approach the RBI for the final approvals and licences.
The Cabinet has permitted the Excise Department to establish an Excise Tower on 14.52 ares of ‘purambokke’ land in Thycaud village.