Report to Revive Assam State Cooperative Agriculture and Rural Development Bank Submitted

SITA submits report to CM

GUWAHATI: In a bid to revive the already defunct Assam State Cooperative Agriculture and Rural Development (ASCARD) Bank, State Innovation and Transformation Ayog (SITA) vice chairman Dipok Kr Barthakur submitted the final report of the expert committee on ASCARD Bank to Chief Minister Sarbananda Sonowal at the latter’s office at Janata Bhawan on Friday.

The expert committee submitted its report after having 26 rounds of discussions with bank management, the State Cooperation Department and other stakeholders. The committee examined and reviewed every details of the bank and came to the conclusion that the bank may be considered for revival, provided there is complete support from the State Government and commitment from both government and the bank to fully abide by the recommendations.

Assam Cooperative Land Mortgage Bank (ACLMB) and the Primary Land Mortgage Banks (PLMBs) established in 1956 were converted into ASCARD Bank in 1991. The bank had 28 branches in the districts with its headquarters at Guwahati. The bank had gone sick since the year 2000 onwards on account of poor administrative control, lack of follow-up of loan repayments with accumulating NPAs, poor monitoring and recovery of loans, discontinuation of refinance from NABARD from 1995 and other issues related to poor management, the communiqué added.