Paving the way for the formation of the Kerala Cooperative Bank (KCB), the Kerala Assembly on Tuesday passed the Bill amending the Kerala Cooperative Societies Act, reports The New Indian Express.
The Bill was passed to complete the merger proceedings of the state’s 14 District Cooperative Banks (DCB) to constitute KCB, one of the state’s largest banks, before the RBI-stipulated deadline of March 31.
Presenting the Bill, Cooperation Minister Kadakampally Surendran said the final approval for the merger, amendment of Acts and changing the name of ‘District Cooperative bank’ had to be obtained from RBI.
Adherence to the Cooperative Act was among the 19 conditions put forward by RBI while giving in-principle approval for the KCB proposal.