Thiruvananthapuram : , Wednesday, November 24, 2009: The Kerala Cabinet expressed deep concern at the Reserve Bank of India’s warning to the public about cooperative societies using the name ‘bank’ and accepting deposits from persons other than their members. The Cabinet meeting was held here under Chief Minister Pinarayi Vijayan.
It decided to send a delegation, to meet all the Centre’s stakeholders, to ensure that similar statements are not made as they cause panic in the state, which is a place where the cooperative sector thrives.
V.N., State Cooperative Minister Vasavan has already stated that this move will “destroy the flourishing cooperative sector” in the state.He will use all available means to deal with it, including protests, discussions with the Centre and legal action.
The Tuesday RBI order stated that cooperative societies can no longer use the words “bank”, banker, or banking in their names after amendments to the Banking Regulation Act, 1949.
This was effective as of September 29, 2020.
The portfolio of the Cooperative minister is also held by Amit Shah, Union Home Minister.
The Ministry was established in July 2012 with the goal of strengthening the country’s cooperative movement.
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