THIRUVANANTHAPURAM : Kerala’s long pending dream, the Kerala Bank creates history in the banking sector, becoming the largest banking network in the state.
Chief Minister Pinarayi Vijayan formally inaugurated the bank amid special guests, dignitaries and hundreds of people who gathered in the capital, to mark the occasion.
The minister announced an inaugural rate-cut saying, famers would not be paying the interest rate they did up to now. The rate shall be slashed by at least one percent now on, the minister said.
Kerala’s co-operative sector continued to amaze rest of the country , given its solid structure and stellar performance, said the ministrrer.
Though there exist states whose co-operatives operate satisfactorily, the pattern of primary farm loan societies growing into co-operatives to later expand into banks, is unimaginable to the rest of India.
Some states have two to three credit societies, whose operations are managed by a single secretary. On other hand people in any part of Kerala are used to carrying out all kinds of bank transactions since decades - a way of life made possible by the co-operative bank culture widespread here.
Our Service Co-operative banks are outstanding in this genre given its distinctive performance in terms of operations and services.
The co-operative sector in Kerala primarily focused on being help to farmers. Such rock-soldid wwas its base that, these banks went about its operations without any advances whatsoever from NABARD .
Co-operative sector successfully caters to quick money needs of a family in the state, notwithstanding the fact that the system kept evolving to keep up with time and changing needs.
With commencement of Kerala Bank, the overseas Malayalis can make safe deposits here. Eventually, the bank will obtain permission to accept NRI savings, the application for which has been submitted to the RBI. The govt has stepped up efforts to obtain this consent soon enough.
The bank will use state-of-the-art technology and integrated system. so those working abroad can remit money home with ease.
Kerala Bank coming into being will also facilitate overseas citizens to carry out transactions in their respective countries. Arrangements in this regard are being put in place.
Those still keeping away can speak with Minister for Co-operation and ease concerns that one might have. The chief minister too would be happy to address your doubts. All of us should form part of this revolution in the co-operative sector.
This is Kerala Bank .It calls for valuable cooperation from each among our people and opens doors to immense opportunities to all, said the Chief Minister concluding his address.
The RBI had earlier cleared Kerala's proposal for forming its own bank by merging 13 district co-operative banks. However the approval was subject to court order where 21 cases challenging the amalgamation were pending. The court dismissed all the cases in Nov paving way for what will now be the state’s largest banking network.
