Kannur: The Reserve Bank of India (RBI) did not grant permission to open bank in the name of ‘Kerala bank’. However, the permission has been given only to merge 13 District Co-operative Banks into Kerala State Co-operative Bank.
Due to this circumstance, the Kerala Bank logo may also go invalid.
The Kerala Bank was inaugurated by the state government amid much criticism. The government had claimed that the RBI had given permission to set up a new bank in the name of Kerala Bank. But government documents show that the claims are false.
The advertisement boards installed will have to be removed since RBI denied permission. Thus, the crores spent on installation goes in vain.
