CM holds management, officials responsible for losses in Apex Bank

ITANAGAR, Jul 25: Chief Minister Pema Khandu held the management and officials responsible for the ‘bad phase’ witnessed by the Arunachal Pradesh State Cooperative Apex Bank Ltd.
Expressing concern over the accumulated losses of the bank over the years, the chief minister asked the officers and administrators of the bank to improve their work culture to regain the past glory.
“If the bank is incurring huge loss due to bad loans, it is because of your lapses. You need to correct yourself for the bank to revive and sustain as a successful banking institution. I want to see a completely revamped work culture in the organization,” he said after launching the micro-ATM services of the bank at a simple function at his office here on Wednesday.
“The bank was established with the sole aim of serving the rural and poor people of the state. It has to regain the confidence of people to make up for its lost glory.”
Pema said that people will opt for the Apex Bank only if they have confidence in it.
“You have to forget the past, particularly the lean period that the bank had to pass through, and give your best to revive the bank,” he asserted.
Pema assured that the state government will help the bank in all possible means and will consider parking government funds with the bank.
He also directed strict action against loan defaulters and asked the chief secretary to engage the deputy commissioners actively in recovery.
Lauding the Apex Bank – the lone state owned bank – for extending its reach of services to the last man in the queue, Pema said inclusion of micro-ATM services will immensely benefit the rural and poor people availing banking services.
The Apex Bank, which has 37 branches, will launch 200 Micro-ATM services across the state. Micro ATM is a mini version of an ATM with modified point of sales terminals.
This terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility and fingerprint scanner and can be carried by bank representative at remote/mobile locations. It has facilities like cash withdrawal, cash deposit, Aadhar-enabled payments and accept payments through debit/credit cards.
Minister Cooperation Honchun Ngandam also expressed concern over the recovery rate from loan defaulters. He urged the bank officials to coordinate with the district administrations and fast-track its recovery process, while asserting that money of the poor people cannot be taken for ransom by few defaulters.
Ngandam also acknowledged the suggestion to park some government funds with the Apex Bank to keep it running successfully.
As a symbolic launch of the services, micro-ATM machines were handed over to Aalo, Rupa, Naharlagun all-women bank, Ganga and Itanagar branches.
The programme was also attended by Chief Secretary Satya Gopal, the Finance commissioner and secretary and officials of the State Cooperative Apex Bank Limited.