RBI nod for setting up ‘Kerala Bank’

RBI nod for setting up ‘Kerala Bank’

Agency News

Thiruvananthapuram, Oct 3: The Reserve Bank of India (RBI) on Wednesday gave in-principle nod for setting up the 'Kerala Bank' in the cooperative sector, Chief Minister Pinarayi Vijayan said.

A letter in this regard issued by RBI on October 3 was received by the state government, Mr Vijayan said at a press conference here. The proposed 'Kerala Bank' would be formed by merging 14 District Cooperative Banks (DCB) in the state into the Kerala State Cooperative Bank (KSCB), to form a single entity as one of the largest banks in the state.

The merging of DCB's should be completed before March 31, 2019 following RBI guidelines, the Central Bank letter said.UNI