The Kerala government is diverting revenues from various govt. firms to district cooperative banks following demonetization, in a bid to ease the crisis faced by the cooperative sector in the state. The govt is likely to move deposits of cooperative firms to district cooperative banks as well, reports Hindu.
The accounts of BEVCO, water authority, KSEB and KSRTC would be transferred to district cooperative banks. Similarly, the revenue obtained from the boards coming under the government would also be moved to cooperative banks. This will greatly ease the cash crisis in the co-operative banks.
Finance Minister Dr Thomas Isaac and Cooperation Minister Kadakampally Surendran also called on Union Finance Minister Arun Jaitley and informed him of the decision.
