Kerala poised to become first fully digital banking state in India

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Logo of the program launched by CM Pinarayi Vijayan at Thiruvananthapuram in the presence of RBI and SLBC representatives

Kochi: Kerala is poised to become first fully digital banking state in India. Reserve Bank of India (RBI) and State Level Bankers' Committee (SLBC) have urged the banks in Kerala to maximize digital operations including transactions in all eligible Current/Savings accounts. Interestingly, the state became first fully banking state in 2014 by achieving success in ‘one bank account each family’ programme. The new goal has been set after this.

The objective of the state government is to make digital banking across the state fully functional by August 15, 2022. Evoked by this, SLBC has decided to fully implement digital banking facilities in all districts of the state.

RBI had put forward a similar proposal in 2019. It urged states to make at least one district equipped with digital banking facilities on an experimental basis. Following that digital banking was fully deployed in Thrissur district. The district was named as fully digital banking district in August 2021. Kottayam became fully digital banking district in February 2022 and now the plan is to make the remaining 12 districts fully digital.

Public-private sector banks, state cooperative banks, small finance banks, payment banks and other financial institutes will be part of the programme. SLBC convenor S Premkumar has also urged the customers to demand digital services.

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