Kerala Bank targets NRI deposits, seeks RBI nod
The Hindu
Minister V.N. Vasavan launches bank’s IT integration programme
The Kerala Bank has applied for permission from the Reserve Bank of India (RBI) for receiving deposits from NRIs, targetting about ₹1,50,000 crore that reaches the State’s commercial banks. The bank deposits in both private and public sector banks went into investments in stock markets, securities and as loans to major corporates, said Minister for Cooperation and Registration V.N. Vasavan here on Saturday.
The Kerala Bank planned to use the remittances from Kerala NRIs to develop basic infrastructure in the State. Mr. Vasavan said the application had been submitted and speedy processing was expected. He was speaking after launching the IT integration programme, which is expected to turn the Kerala Bank into a new generation, fully IT-equipped bank offering all services online, including money transfers and mobile banking.
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