THIRUVANANTHAPURAM : The commissioning of Kerala Bank will kick start huge advancement in terms of Kerala’s socio-economic development apart from strengthening its co-operative sector, said Chief Minister Pinarayi Vijayan.
The milestone marks the coming of Kerala’s very own bank – the Kerala Bank.
The formation of Kerala Bank became possible after the High Court dismissed all petitions challenging its making.
13 District Co-operative banks across the state will be merged to form the Kerala Bank. It is posed to beome the largest banking network in the state.
An interim committee will oversee the amalgamation , to ensure that the transition take places within set legal framework. The Interim Committee comprises Secretary to Government Co-operation Department, Smt Mini Antony IAS, Principle Secretary to Finance of Kerala Shri Sanjeev Kaushik IAS and Kerala Bank MD Smt Rani George IAS.
The Committee will convene an emergency meeting and issue notification in this regard. Arrangements will be made to ensure the merger does not affect day-do-day operations of the District Co-operative Banks.
Post the amalgamation, the first General Body of the state co-operative bank will be held in December 2019. At the meeting, mandatory amendments to the existing bye-law shall be made
Most products and services of the District Co-op banks have been integrated, said CM Pinarayi Vijayan adding that, the process will be complete by January 2020.
