Isaac moots Kerala's own bank by merging cooperatives

 Kerala may soon have a bank of its own! If everything goes as Minister Dr Thomas Isaac plans, it has the potential to be the biggest bank in the state. 

The minister aired his idea of a bank for the state in a Facebook Live, the first one after he assumed office as the Finance Minister.  

"The formation of the bank, mooted in the Left Democratic Front (LDF) manifesto, can play a big role in the development and investment of the state," said Isaac. The bank will be established by merging the existing district and state co-operative banks, and it will function according to the guidelines of Reserve Bank of India. 

Discussing the prospects of the financial institution, Isaac said it can be instrumental in attracting NRI investments and thus help in the growth of private sector in the state.

Sharing the state's financial woes, Isaac said the state's liability stands at 1,80,000 crores and the public debt doubled up during the previous UDF government.  

During the 30-minute video live chat, Isaac took questions from the netizens on the financial situation of the state and opened up on his plans for the future. 

• Dr TM Thomas Isaac
• kerala finance minister
• Kerala's own bank
• Co-operative bank merger