Kerala Bank

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Kerala Bank
Industry Banking
Financial services
Founded2019
Website keralacobank.com

Kerala State Co-operative Bank Limited, branded as Kerala Bank, is a co-operative bank set up by the Government of Kerala, India. [1]

Contents

History

The bank was established in 2019 by amalgamating 14 District co-operative banks in Kerala with the Kerala State Co-operative Bank. [2]

With the issuance of a notification establishing the Kerala State Co-operative Bank, the bank started functioning from 29 November 2019 onwards. [3] [4] The bank was formally launched by Pinarayi Vijayan, Chief Minister of Kerala, in a function held in Thiruvananthapuram on 6 December 2019. [5]

Among the 14 District Co-operative Banks functioning in Kerala at the time of the formation of Kerala State Co-operative Bank, only the Malappuram District Co-operative Bank Ltd had opposed merger with the Kerala State Co-operative Bank. Also, the Kerala High Court has issued a stay order on the Kerala State Government's move to merge the Malappuram District Co-operative Bank with the Kerala State Co-operative Bank. [6] In addition to the 14 district co-operative banks, Kerala has a network of 1,692 Primary Agricultural Credit Societies (PACS's) and 16 licensed Urban Co-operative Banks all of which have become members/shareholders of Kerala State Co-operative Bank.

Management

The Primary Agricultural Credit Societies (PACS's) and Urban Co-operative Banks (UCB's) are designated as the 'A' Class Members of the Kerala State Co-operative Bank. The supreme authority of the bank is the General Body. The General Body consists of delegates of 'A' Class Members, ex-officio Directors and Directors nominated by the Government. The management of the bank is vested in the Board of Directors subject to the overall control of the General Body. The Board of Directors consist of twenty-one members of whom fifteen are elected by the 'A' Class Members of the Bank.

Rajan P. S. is the first Chief Executive Officer and Mini Antony IAS, the first Administrator of the Kerala State Co-operative Bank.The President of Kerala Bank is Gopi Kottamurikkal and Vice-President is MK Kannan.

Structure

The headquarters of the Kerala Bank is in Thiruvananthapuram and the corporate office is based in Kochi. The Bank has seven regional offices created by merging two District Co-operative Banks to handle businesses of two districts each. [7] The regional offices are in Thiruvananthapuram (along with Kollam), Alappuzha (along with Pathanamthitta), Kottayam (along with Idukki), Thrissur (along with Ernakulam), Palakkad (along with Malappuram), Kozhikode (along with Wayanad) and Kannur (along with Kasaragod). [8]

History

The origins of the Kerala State Co-operative Bank, which, with the amalgamation of 13 District Co-operative Banks, has been transformed as the Kerala Bank, can be traced to early 20th century. It was in the year 1914, "The Travancore Co-operative Societies Regulation Act" was promulgated and the first co-operative bank, "Trivandrum Central Co-operative Bank", was set up under the Act. The Travancore Central Co-operative Bank metamorphosed into Kerala State Co-operative Bank in 1956 when the state of Kerala was formed after the reorganisation of the Indian states. [9]

Controversy

In September 2022, a college student from Sooranad committed suicide after the Kerala Bank pasted attachment notice indicating defaulting on loan repayment in front of her house. [10]

Related Research Articles

<span class="mw-page-title-main">Thiruvananthapuram</span> Metropolis and capital of Kerala, India

Thiruvananthapuram, formerly known as Trivandrum, is the capital city of the Indian state of Kerala. It is the most populous city in Kerala with a population of 957,730 as of 2011. The encompassing urban agglomeration population is around 1.68 million. Located on the west coast of India near the extreme south of the mainland, Thiruvananthapuram is a major information technology hub in Kerala and contributes 55% of the state's software exports as of 2016. Referred to by Mahatma Gandhi as the "Evergreen city of India", the city is characterised by its undulating terrain of low coastal hills.

<span class="mw-page-title-main">Malappuram district</span> District in Kerala, India

Malappuram, is one of the 14 districts in the Indian state of Kerala, with a coastline of 70 km (43 mi). The most populous district of Kerala, Malappuram is home to around 13% of the total population of the state. The district was formed on 16 June 1969, spanning an area of about 3,554 km2 (1,372 sq mi). It is the third-largest district of Kerala by area. It is bounded by Western Ghats and the Arabian Sea on either side. The district is divided into seven Taluks: Eranad, Kondotty, Nilambur, Perinthalmanna, Ponnani, Tirur, and Tirurangadi.

<span class="mw-page-title-main">Thiruvananthapuram International Airport</span> International airport serving Thiruvananthapuram, Kerala, India

Thiruvananthapuram International Airport, is an international airport that serves Thiruvananthapuram, the capital city of Kerala, India. Established in 1932, it is the first airport in the state of Kerala and the fifth international airport of India, officially declared in 1991. It is the operating base of Air India, Air India Express, IndiGo and SpiceJet. Spread over an area of 700 acres (280 ha), the airport is approximately 3.7 km (2.3 mi) due west from the city centre and the Padmanabhaswamy Temple, 16 km (9.9 mi) from Kovalam beach, 13 km (8.1 mi) from Technopark and 21 km (13 mi) from the under-construction Vizhinjam International Seaport. It shares a visible proximity to Shankumugham Beach making it the nearest airport to the sea in India, just about 0.6 miles away from the sea.

<span class="mw-page-title-main">Thiruvananthapuram district</span> District in Kerala, India

Thiruvananthapuram District is the southernmost district in the Indian state of Kerala. The district was created in 1949, with its headquarters in the city of Thiruvananthapuram, which is also Kerala's administrative centre. The present district was created in 1956 by separating the four southernmost Taluks of the erstwhile district to form Kanyakumari district. The city of Thiruvananthapuram is also known as the Information technology capital of the State, since it is home to the first and largest IT park in India, Technopark, established in 1990. The district is home to more than 9% of total population of the state.

<span class="mw-page-title-main">Manjeri</span> Municipality in Kerala, India

Manjeri is a major town and municipality in Malappuram district, Kerala, India. It is the fourth-most populous municipality in state. It is situated 23 kilometres (14 mi) southeast to Karipur International Airport and 13 kilometres (8.1 mi) northeast to Malappuram, the district headquarters, and forms a part of Malappuram metropolitan area. It is one of the major commercial towns under the Malappuram urban agglomeration and serves as the headquarters of Eranad Taluk. Manjeri Municipality is a Local Self Government Institution with a jurisdiction of three villages namely Manjeri, Payyanad, and Narukara.

<span class="mw-page-title-main">Kozhikode district</span> District of Kerala state, India

Kozhikode, or Calicut district, is one of the 14 districts in the Indian state of Kerala, along its southwestern Malabar Coast. The city of Kozhikode, also known as Calicut, is the district headquarters. The district is 67.15% urbanised. Kozhikode city is the fashion capital of Kerala.

<span class="mw-page-title-main">Demographics of Kerala</span>

Kerala is a state in south-western India. Most of Kerala's 34.8 million people are ethnically Malayalis. Most of the Malayalam and English speaking Keralites derive their ancestry from Dravidian communities that settled in Kerala. Additional ancestries derive from millennia of trade links across the Arabian Sea, whereby people of Arab, Jewish, Syrian, Portuguese, English and other ethnicities settled in Kerala. Many of these immigrants intermarried with native Malayalam speakers resulting in formation of many Muslim and Christian groups in Kerala. Some Muslims and Christians thus take lineage from Middle Eastern and European settlers who mixed with native population.

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Mankada is a hillside village in the Malappuram district of Kerala state. It is located 15 km (9.3 mi) from Malappuram and is part of the Malappuram parliament constituency. The municipal town of Perinthalmanna is just 10 km (6.2 mi) away. Also, the municipal towns of Manjeri and Malappuram are just 15 km (9.3 mi) away. Mankada Kadannamanna Kovilakam was the seat of ruling family of the erstwhile Kingdom of Valluvanad.

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The importance and antiquity of education in Kerala are underscored by the state's ranking as among the most literate in the country. The educational transformation of Kerala was triggered by the efforts of the Church Mission Society missionaries, who were the pioneers that promoted mass education in Kerala, in the early decades of the 19th century. The local dynastic precursors of modern-day Kerala—primarily the Travancore Royal Family, the Nair Service Society, Sree Narayana Dharma Paripalana Yogam and Muslim Educational Society (MES)—also made significant contribution to the progress on education in Kerala. Local schools were known by the general word kalaris, some of which taught martial arts, but other village schools run by Ezhuthachans were for imparting general education. Christian missionaries and British rule brought the modern school education system to Kerala. Ezhuthu palli was the name used in earlier times. The word was derived from the schools run by the Buddhist monasteries. For centuries villages used to set up an ezhuthupally or ashan pallikoodam with one or two teachers. Students used to go this school from nearby areas and learn languages, literature, mathematics, grammar etc. After completing this students may continue study about specific subjects such as ayurveda, astrology, accounting etc. Censuses during 1800 shows that Travancore, Cochin, Kannur areas have many such schools. Even name list of ashans were used to be published along with the census.

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The Indian state of Kerala borders with the states of Tamil Nadu on the south and east, Karnataka on the north and the Arabian Sea coastline on the west. The Western Ghats, bordering the eastern boundary of the State, form an almost continuous mountain wall, except near Palakkad where there is a natural mountain pass known as the Palakkad Gap.[1] When the independent India amalgamated small states together, Travancore and Cochin states were integrated to form Travancore-Cochin state on 1 July 1949. However, Malabar remained under the Madras province. The States Reorganisation Act of 1 November 1956 elevated Kerala to statehood.

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<span class="mw-page-title-main">South Malabar</span> Geographical / Historical Area in Kerala, India

South Malabar refers to a geographical area of the southwestern coast of India covering some parts of the present-day Kerala state. South Malabar covers the regions included in present-day Kozhikode taluk of Kozhikode district, the whole area of Malappuram district, Chavakkad taluk of Thrissur district, and Palakkad district, excluding parts of Chittur taluk. The Fort Kochi region of Kochi city also historically belongs to South Malabar. The term South Malabar refers to the region of the erstwhile Malabar District south to the river Korapuzha, and bears a high cultural similarity to both the Cochin and the North Malabar regions.

<span class="mw-page-title-main">Kerala Prisons and Correctional Services</span> Prisons Department for Kerala, India

The Kerala Prisons and Correctional Services is a state agency of Kerala that operates prisons and borstal schools. It has its headquarters in Thiruvananthapuram. The Kerala Prisons and Correctional Services is headed by the Director General of Prisons.

References

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  2. R Krishnakumar (3 January 2020). "A Kerala model in banking sector". Frontline. Retrieved 1 November 2020.
  3. "Kerala Bank comes into being". The Hindu. 29 November 2019. Retrieved 1 November 2020.
  4. "About Us". Kerala Bank. Retrieved 1 November 2020.
  5. "Kerala Bank's governing body takes charge". The Hindu. 2020-11-27. ISSN   0971-751X . Retrieved 2022-11-08.
  6. Mahir Haneef (6 March 2020). "Kerala bank merger: HC stays government's move". The Time of India. TNN. Retrieved 1 November 2020.
  7. "What you must know about the newly formed kerala bank". Business Insider. Retrieved 2022-11-08.
  8. Rajesh Abraham (27 June 2020). "Kerala Bank now gets new structure". The New Indian Express. Express News Service. Retrieved 1 November 2020.
  9. Babu, Gireesh (2018-10-10). "After RBI nod, Kerala Bank to be established in 6 months, says minister". www.business-standard.com. Retrieved 2022-11-08.
  10. "19-year-old's suicide: Minister blames Sarfaesi Act for Kerala Bank's action". The New Indian Express. Retrieved 2022-11-08.