Cooperative Banks backbone of circular economy, Minister M Liju
Kochi: Hon. Minister for Cooperation and Excise, Sri.M.Liju said that Cooperative Banks are the backbone of the circular economy in the State.
The Minister was inaugurating the Internet Banking and Merchant QR Code Services of the Kerala State Cooperative Bank (Kerala Bank) at Adlux Convention Centre in Angamaly near here on the sidelines of the Annual General body Meeting (AGM) of the Bank on 22.09.2026 .
The money of the State itself can be utilised for the development of the this land through the Cooperative Banks. The deposit of the Cooperative banks are being utilised for the overall development of the State as well as creating new job opportunities. This is an example of circular economy that utilises the deposit of the land here itself.
The Cooperative Banks are transacting 20 per cent of the banking transactions in Kerala. Of these, a major portion is through the Kerala Bank. More customers could be attracted to the Cooperative sector by providing modern banking services, the Minister added.
The Minister noted that the Kerala Bank's internet banking services could bring in transformation in the Cooperative sector in tune with the necessities and ambitions of the new generation.
Bank president, Sri.P.Mohanan Master presided over. He said that the Bank was able to earmark 24 per cent of its total loan to the Agriculture sector. The Bank was also able to disburse 12 per cent of its total loans to the MSME sector.
The Minister inaugurated the Merchant QR Code services of the Bank by handing over a model of the QR Code to PACS Association State president, Sri.K.V.Sasi. Bank vice president, Sri.T.V.Rajesh welcomed the gathering. PACS State secretary, Sri.P.Hareendran, Board of Management chairman, Sri.V.Reveendran, Chief Executive Officer, Sri.Jorty M Chacko and Executive Director, Sri.Roy Abraham also spoke.