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Indian state to set up cooperative bank in 2018

The state government of Kerala in India said it plans to complete "all formalities" regarding the establishment of the Kerala Co-Operative Bank by Aug. 16, 2018, Press Trust of India reported Oct. 10.

The lender will be formed through the merger of 14 district cooperative banks with state cooperative banks, converting the current three-tier cooperative structure into a two-tier system.

The government of Kerala noted that it has sought the Reserve Bank of India's approval to launch the state-owned lender.