Assam Cooperative Apex Bank bags Rs 19.65-cr grant from state govt

GUWAHATI: The Assam Cooperative Apex Bank has received grant worth Rs 19.65 crore from the state government to revive and boost the cooperative banking system. The grant has been given on the recommendation of the Baidyanathan Committee.

The economic condition of the state can be improved and bettered by cooperative movement. The Chief minister of the state, Mr Tarun Gogoi has stressed on the importance of cooperative credit structure in rural areas of the state. The ATM services and core banking network of the Assam Cooperative Apex Bank will commence by February 2011.

Chief General Manager (CGM) of the National Bank for Agriculture and Rural Development (NABARD) Mr AK Srivastava has termed the initiative as a positive development for the state.