Kerala Cooperation Department has finalized amendments to the Kerala Cooperative Societies Act to be submitted to the Law Department for approval, reports The New Indian Express.
Later, the amendment bill will be presented in the state Assembly. The govt will also have to comply with the Cooperative Act while carrying out the Kerala Bank plan as per the condition laid down by RBI.
Kerala Bank is to be formed by merging the State Cooperative Bank (SCB) and 14 district cooperative banks (DCBs) in the state.
The cooperation department will explain to PACS in all districts the usefulness of the new bank. The government will also try to allay the fears of DCBs which have opposed the merger plan.