The Reserve Bank of India (RBI) has approved internet banking services for Kerala State Cooperative Bank, enabling customers to access banking facilities 24×7 without visiting branches.
The facility will be available to individual customers, Primary Agricultural Credit Societies (PACS), which are member societies of the bank, and other institutions. Member societies will be able to use their Kerala Bank accounts for online services, including RTGS and NEFT transactions.
The bank plans to further expand its digital banking platform to enable government departments, local self-government bodies, cooperative institutions and public and private sector institutions to access services such as fund transfers, bulk payments and account management online. QR code and EPOS services are also expected to be introduced shortly.
Kerala Bank has integrated its core banking solution and launched UPI payments through its KB Prime and KB Prime Plus mobile applications. UPI transactions amounted to Rs 16,041.25 crore across 9.8 crore transactions in the last financial year.
The bank’s total business currently stands at Rs 1,28,697 crore. Bank President P. Mohanan Master and CEO Jorty M. Chacko welcomed the RBI approval and said the move would further strengthen the bank’s digital banking services.
