THIRUVANANTHAPURAM: With the modification of the Kerala Cooperative Societies Act, 1969, 13 out of the 14 district cooperative banks (DCBs) have voted for merger with the proposed Kerala Bank. The state had amended the Act to convey down the consensus required for the amalgamation of cooperative banks and societies from a two-third to a simple majority.
The answer for the proposed merger gained only 25% votes on the normal body assembly held at Malappuram DCB, while the answer secured simple majority in the conferences held at all other DCBs on Thursday.
As in step with Reserve Bank of India (RBI) directive, the state govt has to put up a document by way of March 31 after complying with the entire clauses put forth by way of RBI and National Bank for Agriculture and Rural Development (Nabard). With Thursday's vote casting, Malappuram DCB will exist one by one even after the formation of Kerala Bank.
One of the clauses was to conform to the cooperative regulations and Acts of the state. The requirement of two-third majority as in step with the Section 14 of the Act was a major hurdle, which the state govt overcame throughout the modification passed in meeting in the ultimate session.
In truth, the answer for merger was passed with a two-third majority only in nine DCBs. The answer didn't get a two-third majority in Ernakulam, Kottayam, Idukki and Wayanad DCBs, besides Malappuram. However, the answer was passed with above 60% votes in 12 DCBs, while it gained 58% votes in Idukki DCB.
Meanwhile, Sahakarana Janadipatya Vedi chairman Karakulam Krishna Pillai stated in a commentary that the proposed Kerala Bank still required two-third majority as in step with probably the most prerequisites put forth by way of Nabard for merger of DCBs. "In the related pending cases in high court, Nabard's counter petitions clearly demand two-third majority for the merger resolution in DCBs," he stated.
"Now, failing to secure two-third majority in five DCBs, and with March 31 being the deadline for complying with all the 21 conditions, the government will not be able to fulfill the conditions or meet the deadline for formation of Kerala Bank", the commentary stated.
Sources in the cooperation department brushed aside Pillai's allegations as baseless. "If you count votes polled in all district banks together, there is more than two-third majority for the decision to form Kerala Bank", stated a senior cooperation department professional.
Cooperation minister Kadakampally Surendran stated the overwhelming enhance gained for the answer is a setback to the UDF which has been opposing the transfer from the start.
The answer for the proposed merger gained only 25% votes on the normal body assembly held at Malappuram DCB, while the answer secured simple majority in the conferences held at all other DCBs on Thursday.
As in step with Reserve Bank of India (RBI) directive, the state govt has to put up a document by way of March 31 after complying with the entire clauses put forth by way of RBI and National Bank for Agriculture and Rural Development (Nabard). With Thursday's vote casting, Malappuram DCB will exist one by one even after the formation of Kerala Bank.
One of the clauses was to conform to the cooperative regulations and Acts of the state. The requirement of two-third majority as in step with the Section 14 of the Act was a major hurdle, which the state govt overcame throughout the modification passed in meeting in the ultimate session.
In truth, the answer for merger was passed with a two-third majority only in nine DCBs. The answer didn't get a two-third majority in Ernakulam, Kottayam, Idukki and Wayanad DCBs, besides Malappuram. However, the answer was passed with above 60% votes in 12 DCBs, while it gained 58% votes in Idukki DCB.
Meanwhile, Sahakarana Janadipatya Vedi chairman Karakulam Krishna Pillai stated in a commentary that the proposed Kerala Bank still required two-third majority as in step with probably the most prerequisites put forth by way of Nabard for merger of DCBs. "In the related pending cases in high court, Nabard's counter petitions clearly demand two-third majority for the merger resolution in DCBs," he stated.
"Now, failing to secure two-third majority in five DCBs, and with March 31 being the deadline for complying with all the 21 conditions, the government will not be able to fulfill the conditions or meet the deadline for formation of Kerala Bank", the commentary stated.
Sources in the cooperation department brushed aside Pillai's allegations as baseless. "If you count votes polled in all district banks together, there is more than two-third majority for the decision to form Kerala Bank", stated a senior cooperation department professional.
Cooperation minister Kadakampally Surendran stated the overwhelming enhance gained for the answer is a setback to the UDF which has been opposing the transfer from the start.
Kerala: 13 district banks support merger resolution
![Kerala: 13 district banks support merger resolution]()
Reviewed by Kailash
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March 09, 2019
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