The National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) Chairman Laxmi Das has welcomed the Himachal Pradesh Government’s decision to approve a Rs 20-crore revival package for the crisis-hit Baghat Urban Cooperative Bank, calling it a timely intervention to protect depositors and reinforce confidence in the cooperative banking sector.
Commending the state government, Laxmi Das said the decision reflects its commitment to preserving cooperative institutions and safeguarding the interests of their members and customers.
He expressed confidence that the financial assistance would strengthen the bank’s capital base, accelerate its revival and restore public trust in the institution.
The revival package has been extended through the Himachal Pradesh Agriculture Cooperative Credit (Stabilisation) Fund on a redeemable equity participation basis.
It has been mobilised through a consortium comprising the Himachal Pradesh State Cooperative Bank (Rs 14 crore), Kangra Central Cooperative Bank (Rs 5 crore) and Jogindra Central Cooperative Bank (Rs 1 crore), completing the sanctioned Rs 20-crore assistance package.
