State Co-Operative Bank management urges for action on appointment

IMPHAL, April 3: The Management of the Manipur State Co-operative Bank Ltd today called a press conference at the Manipur Press Club today urging the state government to complete the process of appointment of a cadre officer of the bank who fulfills and fits the criteria of the Reserve Bank of India to the post of Chief Executive Officer in the implementation of the Government of India’s Revival Package for Short Term Cooperative Credit Structure (STCCS).

Spokesperson Oinam Rajkumar said, the management board of the bank has already submitted a memorandum to the state Chief Minister and the concerned Minister on the issue.

He elaborated that the memorandum was first submitted on December 13, 2012 and was resubmitted on February 15 following government inaction.

He also expressed gratitude to the state government for enabling the Manipur State Cooperative Bank Ltd and the 2008 Primary Agricultural Cooperative Societies (PACS) in the state to receive Recapitalization Assistance of Rs 4.62 crores out of the total Recapitalization Assistance of Rs 46.24 crores entitled to be received as per the Memorandum of Understanding entered into by the state, centre and NABARD on June 30 for Revival and Restructuring of Rural Co-operative Credit Structure in the state.

He said further that the Co-operative Credit Structures in the state are experiencing many problems while implementing the package of the Centre due to the non-release of the Government of India's share amounting to Rs 41.62 crores by NABARD in view of the inability on the part of the state to complete certain benchmark activities.

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Courtesy:ISTV Imphal


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