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‘Kerala Bank to open branches in other states’

The state has already appointed a three-member interim governing council for Phase I of bank implementation.

Published: 13th February 2020 05:57 AM  |   Last Updated: 13th February 2020 05:57 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The state government is actively considering the expansion of Kerala Bank to other states, Co-operation Minister Kadakampally Surendran informed the assembly on Wednesday.

The minister said that branches will be started in other states in the near future after receiving approval from regulators concerned. But as of now, the state government is focussing on strengthening the bank’s operations in the state, he added.

As part of boosting its operations in Kerala, the bank will start accepting NRI accounts by March. “We expect the full-fledged operation by the end of March. The Reserve Bank of India approved the Kerala Bank after the scrutiny by NABARD,” said Surendran.

He cited ‘narrow political interests’ as the reason that prevented the amalgamation of all district co-operative banks in the state.

“Leaders in Malappuram should work together for the public interests rather than act on the whims and fancies of narrow political interests. Around 400 staffers from the district had approached the government favouring the amalgamation,” he said.

Kadakampally said a total of 21 petitions were filed in the High Court against the formation of Kerala Bank and the court quashed all of them.

The state has already appointed a three-member interim governing council for Phase I of bank implementation.

Cooperation Secretary Mini Antony, Finance-Resource Secretary Sanjeev Kaushik and Kerala State Cooperative Bank Managing Director Rani George are the members of the council.



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