TRIPURA STATE CO-OPERATIVE BANK IN CRISIS, BUSINESS HAS FALLEN COMPARED TO LAST YEAR. - DeskO [Desk Opinion]

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Tuesday, February 26, 2019

TRIPURA STATE CO-OPERATIVE BANK IN CRISIS, BUSINESS HAS FALLEN COMPARED TO LAST YEAR.

The Tripura State Co-Operative Bank is facing a serious crisis as the annual turnover of the bank is depleting alarmingly and the concerned authorities apprehending that it may come down to less than fifty percent of last year's business. 

The year is nearing closer but the amount of business of the bank is yet to touch half of the last years turnover of more than Rs five crore. What is aggravating the concern is the growing trend among the customers of almost all the 64 branches 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 total 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 but it is yet to reconstituted. 

The vacuum in the top was further widened as there is no Managing Director for last six months and no General Manager for last two months. A notification was issued in last December inviting application to fill up these posts and some applications also was received but there is hardly any initiative to process the matter. 

In absence of two top officials one Development Officer is discharging all the duties. He is naturally reluctant to take any major decision including approving of big loan proposals which is seriously affecting the performance of the Bank.

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