Cooperation Minister V.N. Vasavan has said the Reserve Bank of India (RBI)’s approval for Malappuram District Cooperative Bank’s merger with Kerala Bank is expected soon.
Speaking after tabling the Kerala Cooperative Societies (Second Amendment) Bill, 2022, at the Legislative Assembly on Tuesday, Mr. Vasavan said the RBI nod was bound to be expedited with the Kerala High Court vacating a stay that hindered the merger. As many as 769 branches that previously functioned under the 13 district cooperative banks (DCB) except the one in Malappuram had already received the requisite RBI licence.
The Bill, which sought to extend the deadline for the merger by a year, was referred to the Subject Committee XI (on Food, Civil Supplies and Cooperation) following discussions.
