THIRUVANANTHAPURAM: On Friday, state executive submitted its application -along with a document at the fulfilment of 19 clauses - to RBI, thru Nabard, to get its final nod for the proposed Kerala Bank.
Though the appliance for the proposed merger of district cooperative banks (DCBs) was submitted after leaving out Malappuram DCB (the place the proposal failed to earn a simple majority), the government is hopeful of securing RBI nod. Cooperation division officials have cited priority when it comes to Jharkhand State Cooperative Bank the place Dhanbad central cooperative financial institution (the district financial institution) opposed the creation of two-tier cooperative credit structure.
It was on October three, 2018 that RBI gave its in-principle acclaim for Kerala Bank, while environment March 31, 2019 because the closing date to publish the general application. "All clauses, except the one on core banking system, have been complied with. And there is a guarantee to establish core banking system in time, for which procedures like IT training for employees are on," said an legitimate.
The final application was submitted to a group of Nabard officials led by way of Kerala region chief basic supervisor R Srinivasan by way of state cooperative financial institution MD E Devadas in the presence of minister for cooperation Kadakampally Surendran.
Before submission of application, Surendran met each RBI and Nabard officials. The chief secretary met the RBI governor and convinced him at the want for this particular financial institution, he said.
Both RBI and Nabard also didn't oppose the amendment of the Kerala Cooperative Societies Act, 1969, converting the two-third majority required for amalgamation and transfer of assets and liabilities of district cooperative banks and societies to a simple majority, said an previous observation issued by way of the minister's place of job.
Though the appliance for the proposed merger of district cooperative banks (DCBs) was submitted after leaving out Malappuram DCB (the place the proposal failed to earn a simple majority), the government is hopeful of securing RBI nod. Cooperation division officials have cited priority when it comes to Jharkhand State Cooperative Bank the place Dhanbad central cooperative financial institution (the district financial institution) opposed the creation of two-tier cooperative credit structure.
It was on October three, 2018 that RBI gave its in-principle acclaim for Kerala Bank, while environment March 31, 2019 because the closing date to publish the general application. "All clauses, except the one on core banking system, have been complied with. And there is a guarantee to establish core banking system in time, for which procedures like IT training for employees are on," said an legitimate.
The final application was submitted to a group of Nabard officials led by way of Kerala region chief basic supervisor R Srinivasan by way of state cooperative financial institution MD E Devadas in the presence of minister for cooperation Kadakampally Surendran.
Before submission of application, Surendran met each RBI and Nabard officials. The chief secretary met the RBI governor and convinced him at the want for this particular financial institution, he said.
Both RBI and Nabard also didn't oppose the amendment of the Kerala Cooperative Societies Act, 1969, converting the two-third majority required for amalgamation and transfer of assets and liabilities of district cooperative banks and societies to a simple majority, said an previous observation issued by way of the minister's place of job.
Government files application for final RBI nod
![Government files application for final RBI nod]()
Reviewed by Kailash
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March 30, 2019
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