Kerala Bank eyes NRI deposits, seeks RBI nod to collect NRI remittances

The amount is something around Rs 1,50,000,000 crore credited to various commercial, PSU and private sector banks in the State

PRAVASISAMWAD.COM

Targeting remittances from Kerala NRIs, Kerala Bank has sought permission from the Indian central bank, Reserve Bank of India (RBI), to collect those deposits. The amount is something around Rs 1,50,000,000 crore credited to various commercial, PSU and private sector banks in the State.

The Kerala Bank wants to use the remittances from Kerala NRIs to develop basic infrastructure in the State.

Kerala’s Minister for Cooperation and Registration VN Vasavan said, “The application for the same has already been submitted and we are expecting speedy progress.”

The minister said, the bank would provide opportunity to non-resident Keralites to be part of the development of the State and to intervene in its economy, the report said

He made these comments after the launch of an IT programme of the bank, 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.”

As of now the NRI money coming through remittances, is being utilised in disbursing loans to big corporates outside the State and in speculative businesses in stock markets. Kerala Bank is aiming to utilise these NRI deposits for developing the basic infrastructure of the State, the Business Line reported.

The minister said, the bank would provide an opportunity to non-resident Keralites to be part of the development of the State and to intervene in its economy, the report said.

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