Assam Cooperative Apex Bank Achieves Scheduled Bank Status

The Assam Cooperative Apex Bank has been included in the second schedule of the RBI Act, marking a major milestone towards grassroots financial inclusion. This status enhances the bank's operational abilities and public confidence, offering it access to various facilities and refinancing from the Reserve Bank of India.

The Assam Cooperative Apex Bank has reached a significant milestone in its journey towards financial inclusion by securing its place in the second schedule of the RBI Act. According to Assam Chief Minister Himanta Biswa Sarma, this achievement will bolster the bank's operational capacity and improve liquidity management.

With the 'Scheduled Bank' designation, the Assam Cooperative Apex Bank can now tap into a plethora of facilities offered by the Reserve Bank of India. This includes eligibility for refinancing options, enhancing the bank's credibility and visibility in the competitive financial sector.

In a post on social media, Chief Minister Sarma expressed satisfaction with the inclusion, highlighting the importance of this development in enhancing public confidence in the banking system at the grassroots level.

(With inputs from agencies.)