Kerala Bank to be set up during FY 2018-19: Ker Min

The Kerala government today said the process of getting necessary clearance from the Reserve Bank of India (RBI) for setting up the proposed Kerala Bank, was in its final stage.

Addressing reporters here, State Co-operation Minister Kadakampally Surendran said the Kerala Bank, an ambitious scheme of CPI-M led LDF government in the state, would become a reality during the current financial year.

The new bank was planned by merging 14 district co-operative banks with Kerala State Co-operative bank.

Thereafter, the affiliation of primary agriculture co-operative socieites would be with the new bank.

The three tier co-operative structure would become two-tier system.

On the performance of the Kerala State Co-operative bank, the Minister said the bank had recorded an operating profit of Rs 148 crores during the yeard ended March 31, registering a record increase of 1053.33 per cent than Rs 12.83 crores in March 2016.

With good performance of the bank across sectors, the accumulated loss of the bank also came down to Rs 158.96 crores during the year from Rs 341.34 crores, recorded in 2016, Surendran said.

The total deposit of the bank stood at Rs 8005.29 crores, he said.

Process for introducing E-commerce, internet banking and Mobile banking was on as per the specification of RBI and these facilities would be introduced soon, he added.