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Report: India central bank to approve Kerala cooperative bank merger

The state government of Kerala, India, is likely to get regulatory approval for the merger of 14 district cooperative banks by February-end, The Hindu reported Feb. 18, citing unnamed sources.

The merger proposal has reportedly been recommended by National Bank for Agriculture & Rural Development, or NABARD, to the Reserve Bank of India and the positive report is now being processed to expedite the proposed merger, sources said.

A recommendation from NABARD is the primary level clearance for the proposed merger of the 14 cooperative banks with Kerala State Co-Operative Bank, the sources added.