In a move that could bring cheer for employees of Cooperative Agricultural and Rural Development (CARD) bank, Odisha Cooperation Minister Damodar Rout has sought a fresh proposal on the possibility of merger of CARD banks with its apex body, the OSCARD bank, reports Indian Express.
The Minister has also directed the Auditor General of Cooperative Societies (AGCS) to examine the financial statements of OSCARD bank.
The Registrar of Cooperative Societies (RCS) has been entrusted with the responsibility of assessing valuation of assets of CARD banks.
CARD Banks are lying defunct due to suspension of NABARD’s refinance facilities on account of loans, mounting NPAs and huge accumulated losses.
The bank’s employees have been staging a dharna and their demands include implementation of voluntary retirement scheme for CARD bank employees in tune with the Sixth Pay Commission and release of funds for pending salaries.