RBI accords approval to government to set up Kerala Bank

The Reserve Bank of India (RBI) has accorded in principle approval to Kerala government to set up Kerala Bank by merging district co-operative banks with state co-operative banks.

Announcing this to reporters here Wednesday, Kerala Chief Minister Pinarayi Vijayan said he welcomed the decision of the RBI and have given instructions to complete the process of the merger by March 2019, he added.

State Minister for Co-operation Kadakampally Surendran tweeted 'Safe and reliable banking for everyone. That's our motto...Our Kerala Bank gets the green signal...The CPI-M-led LDF government's much-awaited project 'Kerala Bank' is expected to become a reality by August 16 next year.'