Thiruvananthapuram:The Reserve Bank of India (RBI) has granted permission to establish Kerala Bank by merging cooperative banks in the state.
The state government received the permission letter from RBI in this regard. Kerala Bank will start functioning from November 1, 2019.
The Kerala Bank, which will be formed by merging Kerala State Cooperative Bank and district cooperative banks.
Even though the government had initiated steps for the formation of the bank, soon after the cabinet was formed, it was delayed owing to opposition from Malappuram cooperative bank.
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RBI grants permission