Kozhikode District Cooperative Bank to end worry of cooperative account holders

KOZHIKODE: The Kozhikode District Cooperative bank on Thursday formed a ‘Sahakari Vyapari Koottayma’, a collective of cooperative banks in the district that can continue the transaction of the account holders through KDC Bank. The system will be fully operational within five days, said president Manayath Chandran. He added that Kozhikode was the first district to introduce such a system after the currency crisis.

Once the collective becomes operational, the customers who have account in any cooperative bank in the district would be able to purchase through the RTGS/NEFT system being offered through the KDC bank. In case of a wedding in the family, the shop owner would get his money paid through the KDC Bank.

Mr Chandran added that once the account holder starts a ‘mirror account’ (zero balance) in the KDC bank, he is eligible to withdraw a maximum of Rs 24,000 a week. He added that these were some ways to tackle the crisis created by demonetisation. All the representatives of the cooperative banks in the district agreed to abide by the ‘collective’.