Ordinance to overcome dissent of DCBs

THIRUVANANTHAPURAM:  The government will come out with an ordinance to overcome the dissent expressed by some district cooperative banks to merge with the State Cooperative Bank as part of Kerala Bank formation. 

The draft ordinance sent to the Governor intends for amending the present condition of two-third majority in the general body meeting for the amalgamation and transfer of assets. The revised condition will be a simple majority. As the RBI direction, general body meetings of  all DCBs have to approve the merger proposal before March 31.