Kerala Cooperation and Excise Minister M. Liju said cooperative banks are the backbone of the state’s circular economy, as they enable local deposits to be channelled into local development and employment generation.
He was speaking at the inauguration of Kerala State Cooperative Bank’s Internet Banking and Merchant QR Code services at the Atlas Convention Centre in Angamaly, held in connection with the bank’s Annual General Meeting for 2025-26.
The minister said cooperative banks account for around 20% of banking transactions in Kerala, with Kerala Bank handling a significant share. He added that modern banking services would help attract more beneficiaries, particularly the younger generation, to the cooperative sector.
Kerala Bank President P. Mohanan Master said the bank had allocated 24% of its total loans to agriculture and 12% to MSMEs, supporting their growth.
The Merchant QR Code service was formally handed over to K.V. Sasi, President of the State Association of Primary Agricultural Cooperative Societies.
Around 1,400 delegates representing member societies attended the 2025-26 Annual General Meeting. Senior bank officials and cooperative leaders, including Vice President T.V. Rajesh, CEO Jorty M. Chacko and Executive Director Roy Abraham, were present.
