Kerala State Cooperative Bank (Kerala Bank) has achieved a significant milestone by crossing Rs 50,000 crore in loan outstanding as of December 31, 2024. Announcing this achievement at a press conference, Kerala Cooperation Minister V.N. Vasavan highlighted that Kerala Bank is now among the top five banks in the state in terms of loan outstanding and holds the second position among Kerala-based banks.
The bank accounts for 8.42% of total loans disbursed in the state, according to the State Level Banking Committee (SLBC). At its inception, Kerala Bank’s total loans stood at Rs 37,766 crore. The bank has since lent Rs 50,000 crore to customers, including individuals and Primary Agricultural Credit Societies (PACS).
With a credit-deposit (CD) ratio of 75%, higher than other banks in the state, Kerala Bank ensures funds are raised and disbursed locally, strengthening Kerala’s economy.
Notably, Kerala Bank is the first among the 33 State Cooperative Banks in India to surpass Rs 50,000 crore in loan outstanding. It contributes 30% of total deposits and 19% of total loans of cooperative banks nationwide.
The bank has allocated 25% of its loans to agriculture and another 25% to PACS, boosting the rural economy and MSME sectors. Loans to the MSME sector comprise 12.3% of the bank’s total, generating employment for thousands.
Of the Rs 16,000 crore in newly sanctioned loans this fiscal, Rs 3,000 crore went to PACS. Gold loans account for Rs 6,024 crore, including Rs 2,577 crore in agricultural gold loans.
Kerala Bank has unified its interest rates in line with RBI guidelines and offers attractive deposit rates, with senior citizens earning up to 8.75%. Deposits have grown by Rs 1,600 crore this fiscal.
Under the AIF loan scheme, 56 projects have been completed, with Rs 203 crore sanctioned to PACS for agri-based industries. Additionally, 29 Farmer Producer Organizations (FPOs) have been established to support farmers and the agricultural sector.
The bank recently signed an MoU with MILMA to benefit over 10.6 lakh dairy farmers and 30,000 dealers through its “Ksheeramithra” and cash credit schemes.
Kerala Bank continues to strengthen its influence in rural, agricultural, and entrepreneurial sectors, driving economic growth in Kerala.
