New Indian Express reports RBI stopping Kerala State Cooperative Bank from opening branches in Kozhikode and Wayanad and receiving NRI deposits, will affect those remitting money home.
In former days, DCBs of Kozhikode and Wayanad had an expatriate clientele. However, RBI has allowed some DCBs to continue existing recurring and fixed deposits since they are opened under term deposit agreement.
Meanwhile, the state government is reported to have written to the RBI seeking status quo in the DCB branches until the KSCB secures a licence.
