Reserve Bank of India clearance for the Kerala Bank, an ambitious concept of CPI-M led LDF government, is expected by the end of this month. This was stated by Minister for Law A.K. Balan, on behalf of State Minister for Co-operation Kadakampally Surendran in the state assembly today.
With the formation of the Kerala Co-operative Bank by merging district co-operative banks with state co-operative banks, affiliation of primary agriculture co-operative societies would be with the new Bank. State government expect to get RBI clearance for the Kerala Bank by end of this month, Balan said during question hour.
Government was of the view that the functioning of the primary co-operatives would be strengthened with the formation of proposed Kerala Co-operative Bank, he said. It was stated in a written reply in the assembly that steps have been taken for software integration of all Bank branches by according sanction to RFP (request for proposal, procurement, installation and commissioning).