All District Cooperative Banks (DCB) in Kerala will become ‘Urban Co-operative Banks’ as the cooperative sector in the state adopts a two tier system with Kerala Bank being established, reports Express News Service.
With a view to meeting the deadline fixed by RBI, the state government will not include five UDF-controlled DCBs that are refusing to merge. RBI had given an in-principle approval for the merger of 14 DCBs with Kerala State Cooperative Bank.
Co-operative Department officials say all necessary preparations including technological and other adjustments are being made for the planned merger.