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Kerala Bank ranked first in Asia in financial services

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Kerala Bank has grabbed first rank in Asia for its outstanding performance in the financial services sector, according to a study report published by International Cooperative Alliance and European Research Institute on Cooperative and Social Enterprises (EURICSE).

The ‘World Cooperative Monitor Report’ lists Kerala Bank at the top among some of the most prominent cooperative institutions in the world based on the turnover/GDP per capita. The bank’s achievement was revealed by Cooperative Minister V N Vasavan recently in the Assembly.

Kerala Bank also came first in the national-level award instituted by the National Federation of State Cooperative Bank (NAFSCOB). The award was in recognition of its democratic style of functioning, resource mobilization and development, provision of services to a maximum number of beneficiaries, exemplary recovery activities, settlement of arrears, progress made in achieving financial literacy, adherence to guidelines, profit etc.

Kerala Bank has been implementing deposit schemes suitable for people from all sections of society. To inculcate the habit of saving among children, the bank has started ‘Vidya Nidhi’ wherein children between 12-16 years of age can open a bank account in their own name. Along with the ‘Vidya Nidhi’ account, parents will get a Privilege Account facility.

The bank’s capital amount increased to Rs 2042.08 crores in March 2022 from Rs 1652.09 crores in March 2020. Total deposits increased to Rs 69907.12 crores from Rs 61037.59 crores in March 2020. Total loan disbursal rose to Rs 40950.04 crores in March 2022 from Rs 40156.82 crores.

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