THIRUVANANTHAPURAM: The Kerala Bank has formed a consortium for the progress of cooperatives in the state, Bank president Gopi Kottamurickal said on Thursday. He was addressing the annual general meeting of the bank for 2022-23. The consortium will develop a common platform for the cooperatives to find a market for their products in the domestic market and abroad.
The Kerala Bank conducted business worth Rs 1,21,204 crore in the FY, an increase of Rs 10,347 crore from the previous year. He said IT integration helped the bank to offer digital services to its customers and customers of cooperative societies. The deposits in cooperatives are utilised for the state’s development alone. The presence of Kerala Bank helps in preventing the diversion of deposits by commercial banks to other states.
The bank distributed agricultural loans worth Rs 5,607 crore. About 1,600 representatives, including those from the Malappuram District Cooperative Bank, attended the meeting. Gopi Kottamurickal presided over. Bank’s vice- president M K Kannan welcomed the gathering and CEO P S Rajan presented the agenda. Cooperation secretary Mini Antony, Board of Management chairman V Raveendran and executive director K C Sahadevan attended.
COBANK app launched
Cooperation Minister V N Vasavan launched the COBANK app of the Kerala Bank, It offers digital banking services to members of the primary agricultural credit cooperative societies associated with the Kerala Bank.