RBI approved formation of Kerala Bank having Rs 650 bn in deposits

RBI approved formation of Kerala Bank having Rs 650 bn in deposits

RBI approved formation of Kerala Bank having Rs 650 bn in deposits

The Reserve Bank of India (RBI) approved the venture proposal of Kerala government for the formation of Kerala Bank. 

Kerala has consolidated the State Cooperative Bank and the 14 district cooperative banks in the state. It will have a net deposit amount of Rs 650 billion.

Bank was provide modern facilities to the Primary Agricultural Cooperative Societies (PACS).

The state government had formed a special task force of experts for the formation of the Kerala Bank. The expert committee was headed by Chairman M S Sriram.