Giving a major fillip to its business expansion plans, the Kozhikode District Cooperative Bank (KDCB) in Kerala has received the Non-resident External licence from the Reserve Bank of India, enabling it to provide banking services to expatriates, according to Indian Express.
With this, Kozhikode District Cooperative Bank has become the only district cooperative bank in the state to have this facility.
Though this licence had earlier given to the State Cooperative Bank and the Wayanad Cooperative Bank, both were unable to renew it.
All the 54 branches of KDCB have been given the permission to operate NRE accounts, according to KDCB president Manayath Chandran.