Assam Co-operative Apex Bank Gets Scheduled Bank Status; CM Sarma Welcomes RBI Move

Guwahati: 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, granting the bank scheduled bank status and strengthening the cooperative banking framework in Assam.

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 has attained the status of a scheduled bank, enhancing its position within the Indian banking system.

It is learnt that scheduled bank status will allow the bank to access various facilities from the RBI, including refinancing options. The move is also expected to improve the bank’s operational capacity, support better liquidity management and enhance public confidence in the institution.

Reacting to the development, Assam Chief Minister Himanta Biswa Sarma welcomed the RBI’s decision and highlighted its benefits for the bank.

“Glad to note that the Reserve Bank of India has included the Assam Cooperative Apex Bank in the Second Schedule of the RBI Act. This gives scheduled bank status to the bank allowing it more operational capacity, boosting liquidity management and increasing public confidence in the system apart from access to various facilities from the RBI,” Sarma said.

The Chief Minister also congratulated the bank’s leadership and staff on the recognition.

“Congratulations to Shri Biswajit Phukan and the entire Apex Bank fraternity on this well-deserved recognition,” he added.

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