Coop. bank gets nod to operate NRI accounts

The Kozhikode District Cooperative Bank has secured licence for handling Non-resident Indian’s (NRI) accounts, which is a first for any cooperative bank in the State, the bank said at a press meet here on Monday.

The Reserve Bank of India had acted upon an application forwarded by the KDC Bank in December 2012, said Manayath Chandran president of the bank.

The bank according him met all the requirements necessary for obtaining the Non Resident External (NRE) licence for handling the NRI accounts, he said.

Stating that the licence was a milestone in the history of any cooperative bank in the State, Mr. Chandran said that the achievement was expected to bring NRI deposits to the bank. The bank had recently added as many as 28,000 new accounts to its folder as part of the Prime Minister Narendra Modi’s newly launched Dhan Yojana scheme. Around Rs. 1.25 crore came through the scheme, he said.

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Printable version | Sep 26, 2021 1:17:19 PM | https://www.thehindu.com/news/cities/kozhikode/coop-bank-gets-nod-to-operate-nri-accounts/article7100758.ece

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