Politburo member of the opposition CPM Pinarayi Vijayan has told a news outlet if voted to office in the election slated this year his party is resolved to establish a cooperative-sector Kerala Bank which could take over all the district and primary cooperative banks.”
The CPM leader said this while on a statewide tour of the state ahead of the election. The CPM favors a radical change in the existing cooperative banking structure, the left leader said.
Kerala State Cooperative Bank was started under the Travancore Cooperative Societies Regulation Act by the then maharaja in 1914.
In 1943, it was transformed into Travancore Central Cooperative Bank. The bank was positioned to the level of State Cooperative Bank in 1956 where from it was christened as the Kerala State Cooperative Bank.
There are 954 cooperative bank branches in the state having a deposit base of about Rs.50,000 crore.