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Kerala Bank

What is Kerala Bank? The Kerala Bank is a fully government-owned corporation that serves the people of Kerala. Kerala Bank Branches are present in 14 districts, including Kannur and Palakkad.

With a professional banker as the chief executive officer, the Kerala Bank would be run as a professional enterprise and supported by a team of professionals in different sectors, CVR Rajendran, Retired CEO of Kerala Bank.

CVR Rajendran said that the bank is being set up to provide banking facilities to people and as an engine of growth for the State’s economy. The State government has already appointed seven nominees from the government side on the 15-member board. In this article, we’ll learn about what is Kerala Bank?. Who is the CEO of Kerala Bank? And Kerala bank branches.

What is Kerala Bank?

The Kerala Bank is a fully government-owned corporation that serves the people of the State of Kerala. Its formation was enacted through a merger between 14 cooperative banks and one cooperative bank. A bank has been formed through a merger at the state level. The new bank will have 762 branches across Kerala, headquartered in Thiruvananthapuram, and function with 4000 employees.

Kerala Bank is the name of a proposed bank to be formed due to the merger of Kerala State Co-operative Bank (SCB) and 14 district cooperative banks (DCBs). With this merger, Kerala Bank will be India’s fourth-largest state-owned bank. This merger will help strengthen the financial position of both urban cooperative banks and farmers. The economic progress of Kerala is mainly due to remittances from the Diaspora and tourism, which has seen a downfall owing to COVID-19. As a result, farming has become the main revenue source for Keralites.

Who is The CEO of Kerala Bank?

The Kerala Government owns the bank and Gopi Kottamurikkal. On Friday, the Kerala government constituted a 13-member high-level panel to prepare the framework for the proposed Kerala Bank, Chief Minister Pinarayi Vijayan said. The 13-member committee includes Kerala Chief Secretary Tom Jose, Additional Chief Secretaries K M Abraham and K R Jyothilal, and the State Bank of India’s MD and CEO Rajnish Kumar. The panel is tasked with preparing a roadmap for a state-owned bank formed by merging Kerala’s district cooperative banks and the apex state cooperative bank with the State Bank of India, a release said. The committee has been asked to submit its report in two months.

The decision to form the bank was taken at Friday’s cabinet meeting chaired by Vijayan, which also gave the nod to set up an Expert Appraisal Committee (EAC) headed by former RBI deputy governor KC Chakrabarty. According to sources, this move aims to expedite the merger process that requires regulatory approvals from various quarters, including the Finance Ministry and Reserve Bank of India (RBI).

Kerala Bank Branches

The new bank will be created by SBT, SBT Associates, South Indian Bank, and Dhanalakshmi Bank. It will be headed by CVR Rajendran, former chief general manager of State Bank of India. Initially, the new bank’s board would have the chairman and managing director and five directors each from the government and the Reserve Bank of India (RBI). Subsequently, a board of 15 directors would be appointed. The state government has already created a post for a whole-time director to oversee its operations as part of its revival efforts for three years. The bank will have more than 769 branches across Kerala but hopes to expand pan-India in the future. It is expected to offer digital banking services like credit cards, debit cards, net banking, and mobile banking facilities within six months from launch.

Over 50% of them are in rural areas and spread across 22 states and Union Territories. Branches are present in 14 districts, including Ernakulam, Kannur, Palakkad, Thrissur, and Trivandrum.

Benefits of Kerala Bank

  • Those who visit Sabarimala will be able to withdraw up to Rs. 10,000 per day.
  • Pilgrims will be allowed to make deposits of up to Rs. 5 lakhs.
  • They can use a debit card while they are there.

Cooperative banking is a form of banking where the customers own the banks. It is primarily focused on providing financial services to its members and local communities, who are also the co-owners of these banks. They are different from corporations because they can set up primary agricultural credit societies. These societies help them reach even smaller sections of society and help them provide financial support to farmers at low-interest rates.

Conclusion

Subsequently, a board of 15 directors would be appointed. The state government has already created a post for a whole-time director to oversee its operations as part of its revival efforts for three years. It will be headed by CVR Rajendran, former chief general manager. The bank will have more than 1,500 branches across Kerala but hopes to expand pan-India in the future. It is expected to offer digital banking services like credit cards, debit cards, net banking, and mobile banking facilities within six months from launch. Here, we learned about what is Kerala Bank?. Who is the CEO of Kerala Bank? And Kerala bank branches.

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Get answers to the most common queries related to the UPSC Examination Preparation.

Who is The CEO of Kerala Bank?

Ans. The Kerala Government owns the bank and Gopi Kottamurikkal. On Friday, the Kerala gover...Read full

What are the Main Kerala Bank Branches?

Ans. Over 50% of them are in rural areas and spread across 22 states and Union Territories. Branche...Read full

Does the Kerala Bank Have Its Payment Gateway?

Ans. The Kerala Bank will also have a payment gateway soon. The bank’s CEO, Mr. Rajan, said t...Read full

How does the tourism industry impact Kerala Bank and its financial performance?

Ans. Kerala’s tourism industry contributes a lot to the state revenue, which is expected to i...Read full