Thrissur: A Kerala Bank of Keralites, by Keralites and for Keralites will be floated in the cooperative sector in the ensuing fiscal, according to Minister for Cooperation and Tourism Kadakampalli Surendran. The new bank will take over the role that the State Bank of Travancore was playing so far in Kerala, he said. He was speaking at the valedictory function of the seminar on 'Need for professionalising co-operative sector' organised by the Kerala Agricultural University students' union here on Tuesday. "The SBT was considered as Keralites' own bank but its merger with the SBI has killed its identity. Therefore, we need a new model to replace the SBT. The Kerala Bank will be cast in this mould," he said.
"Professionalism is not totally absent in Kerala's co-operative sector. It could tide over many challenges with its own strengths. The turnover of Kerala's cooperative sector amounts to Rs 1.5 lakh crore, which is almost 50 percent of the total banking investments in the country. It could withstand the financial crises following demonetisation and overcome the onslaught on it" he said. Kerala was witnessing the mushrooming of small and smart banks. Therefore, the cooperative sector too has to improve its efficiency, technical competence and versatility, he added.
"I appreciate the contributions of KAU in developing human resource for the cooperative sector. The government will support such institutions," he said. KAU registrar Dr. S. Leenakumary presided over the function. KAU general council members V.S. Sathyaseelan, C.H. Muthu and Thouseena, KAU Students' Union president Adarsh C. Soori, director of students' welfare Dr.T.I.Manoj, head of the college of cooperation, banking and management Dr.Moly Joseph and student representative Aswathi were present.
