The Kerala government has informed that the procedures related to Kerala Bank will be completed before 16th Aug 2018 and it will be launched to the public.
Chief Minister Pinarayi Vijayan led Kerala government’s most prestigious mile stone of forming a State owned Bank – Kerala Bank, will be launched on Malayalam Calendar New year Chingam 1st next year, which is 16th August 2018. (Previously it was announced to be launched in Feb 2019)
A government notification has said that procedures regarding Kerala Bank will be completed before 16th Aug 2018. This announcement came during the special meeting to evaluate various projects.
This was one of a challenging project taken by CPI(M) led Kerala Government. The ideas behind was to merge the district co-operative banks and and other state co-operative banks to make a new Banking system with simplified administration.
In order to take necessary permissions from Reserve Bank of India, Kerala Government has forwarded necessary documentation related to Kerala Bank. It has highlighted about the business policy for another 5 years and the methods to re-organise its existing employees.
The main purpose for the formation of Kerala bank is to improve the Co-operative banking sector. Kerala state has lost its public sector bank “State bank of Travancore” after its merger with State Bank of India. Computerisation and core banking facilities are getting implemented to these co-operative banks as a part of formation of Kerala Bank.
Announcement about Kerala Bank from Chief Minister’s Office can be found here