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Kerala coop bank to be ready by Aug 16 next year

Press Trust of India  |  Thiruvananthapuram 

The CPI-M-led government's much-awaited project, bank, is expected to become a reality by August 16 next year.

All formalities in this regard will be completed by August 16, a release said.

This was stated during the evaluation meeting of various projects chaired by ChiefMinister Pinarayi Vijayan, on the second day today.

An ambitious project of the government,the proposal was to form a by merging district co-operative banks with state co-operative banks, converting the present three-tier cooperative into two-tier system.

The has already approached RBI for necessary permission to start the bank, the release said.

The re-deployment of employees, its business policy for the next five years has already been submitted to the RBI, the release said.

The objective is to strengthen the cooperative sector, especially in the wake of state public sector State of Travancore merging with the State Bank of India, according to the release.

Modernisation of the co-operative sector was going on smoothly and steps for modernisation of primary cooperative banks has also begun, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 20:13 IST