RBI clears setting up of 'Kerala Bank'; state expects Rs 650 bn in deposits

New bank expected to help agriculture, traditional works and self-employment sectors

The Reserve Bank of India (RBI) on Wednesday gave its nod to start that Kerala Bank, a venture proposed by the Kerala government. 

"It will be Kerala Cooperative Bank, but will be referred to as Kerala Bank. It will have all the facilities of a commercial bank, including ATMs. It will be implemented fast," said a state government source. 

Kadakampally Surendran, minister for co-operation, tourism and devaswoms, Kerala, said, "Our Kerala Bank gets the green signal from Reserve Bank of India."

"It will be safe and reliable banking for everyone. That's our motto," added Surendran.  

Kerala has consolidated the State Cooperative Bank and