The Reserve Bank of India on Wednesday gave Kerala government its final approval to establish the Kerala Bank. It was Minister for Cooperation Kadakampally Surendran who revealed the news through a press meet in Thiruvananthapuram.
Minister Surendran said that the Kerala bank will start functioning from November 1(Kerala Piravi day). According to the minister, the final approval was given after considering the government report which complied with all the conditions put forward by RBI and NABARD. The Kerala Bank will be set up by merging 13 District Cooperative Banks with the Kerala State Cooperative Bank.