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The campaign that commences on February 15 will remain open until March 31, 2023. Each district has been accorded separate deposit targets during the mobilization period.
While the largest deposit target of Rs900 crore has been given to Malappuram district, Idukki has been sought to raise a modest target of Rs325 crore.
Kerala State Cooperative Bank (KSCB) or Kerala Bank, Kerala Agriculture and Rural Development Bank, Primary Agricultural Cooperative Credit Societies (PACS), service cooperative banks, Farmers Service Cooperative Banks, Urban Cooperative Banks, Employees Cooperative Societies, etc, have been instructed to focus on the campaign at a time when the state is going through one of its economically most trying periods.
The cooperative societies and banks are urged to not only strengthen the deposit base, but to strive hard to rope in more members, especially youngsters, into the cooperative system and thus help give the much needed leg-up to the state’s economic development.
The campaign envisages to raise Rs1,750 crore through Kerala Bank, leaving the bulk of the remaining Rs7,250 crore to be raised by the other cooperative societies and banks in the state.
The cooperative entities have been advised to ensure that at least 30 per cent of the deposits thus raised through the campaign are in current account & savings account (CASA) that attract relatively low interest rates.
At the same time, Kerala Bank has been advised to maintain a 50 per cent CASA ratio in the deposits being raised during the campaign period.
The circular issued by the Cooperative Department has stressed that the cooperative societies that carry bad reputation through their involvement in fraudulent activities or those who have failed to pay their dues towards the Deposit Guarantee Schemes should not take part in the campaign.
