In a significant boost to the cooperative banking sector in the Northeast, the Reserve Bank of India (RBI) has included the Assam Co-operative Apex Bank in the Second Schedule to the Reserve Bank of India Act, 1934.
The inclusion has been carried out in exercise of the powers conferred under clause (a) of sub-section (6) of Section 42 of the RBI Act, 1934. With this notification, the Assam Co-operative Apex Bank attains the status of a scheduled bank, thereby enhancing its standing within the Indian banking system.
It is learnt that scheduled bank status enables the bank to access key benefits, including eligibility for refinancing facilities from the RBI, besides improving its credibility and visibility in the financial sector. The development is expected to strengthen the bank’s operational capacity, improve liquidity management, and boost public confidence.
Meanwhile, the process for the appointment of a new Managing Director is underway. It is gathered that 15 applications were received, following which a shortlist of candidates has been prepared and the selection process is progressing. The appointment is expected to be finalized in the coming days. At present, the bank’s business mix stands at over Rs 5,500 crore.
Sources indicate that the achievement follows sustained efforts by the bank’s board and management under the leadership of Chairman Biswajit Phukan, along with the collective support of its directors and senior executives.