Tripura Co-Operative Bank on brink of collapse

A Correspondent

Agartala: The Tripura State Co-Operative Bank is facing a serious crisis as the annual turnover of the bank is decreasing alarmingly and the authorities fear that it may come down to less than fifty per cent of last year’s business. The banking circle in Agartala apprehends that if this condition continues it won’t take much time for the bank to collapse. The year is nearing closer, but the amount of business of the bank is yet to touch half of last years turnover of more than Rs 5 crore. What is aggravating the concern is the growing trend among the customers of almost all the 64 branches of the bank across the State, to shift their deposits to other nationalized banks which indicates their decreasing confidence on the State Co-Operative Bank. It is learnt that the indecisiveness of the government since the new BJP-IPFT government came into power in March last year is vastly responsible. Immediately after coming into power, the BJP-IPFT government has dissolved the board of directors of the bank and it is yet to be reconstituted.

The vacuum at the top was further widened as the posts of managing director has been lying vacant for six months and that of the general manager for two months. A notification was issued last December inviting application to fill up these posts and some applications were received but there is hardly any initiative the expedite the recruitment process. In absence of two top officials, one development officer is discharging all the duties of the bank. He is naturally reluctant to take any major decision including approving big loan proposals which is seriously affecting the performance of the bank.

Also read: Tripura News