Cooperative Bank to be managed by govt officials

Imphal, Jul 15: The Board of Directors of Imphal Urban Cooperative Bank (IUCB) Limited will not function any more and their duties will be discharged by state government officials.

Official sources said a three member board of administrators, with the Joint Secretary (Cooperative) as Chairman, will look after the bank's affairs.

The bank is one of the most successful cooperative ones in the state which introduced a large number of schemes for the people.

Bank officials said it introduced schemes for women, including poor ones, who were exploited by rich money lenders.

With the decision of the government, the bank's functioning might improve and the non performing assets(NPA) might also decrease, the sources said.

They said the guidelines of the Reserve Bank of India will be followed in discharging the bank's related activities.

UNI