A State government-appointed committee has recommended merging the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) with the Kerala Bank.
While KSCARDB which now acts as the apex bank will be merged, the 76 primary cooperative agricultural and rural development banks under KSCARDB should be retained as such, but under the control of the Kerala Bank, the committee headed by R. Sasikumar has suggested in the report handed over to Minister for Cooperation V. N. Vasavan on Wednesday.
In order to enable the merger, the committee has advised that the necessary amendments should be made in the Kerala State Co-operative (Agricultural and Rural Development) Banks Act and the Kerala Co-operative Societies Act. The merger will serve to strengthen the cooperative sector in the State, according to the committee.
