Apex Bank revives with a new promise

Itanagar, Aug 4: Union Labour Minister Oscar Fernanades today handed over a demand draft of Rs 225 crore to Arunachal Pradesh Cooperation Minister Lombo Tayeng for revival of the State Cooperative Apex Bank which had become sick since 2004 following a loan scam.

He congratulated Chief Minister Dorjee Khandu, his cabinet colleagues and MLAs for fulfilling the present government's promises of reviving the Bank and revitalizing the public distribution system (PDS) to make essential commodities available in the far-flung areas of the state.

Speaking at a special function, Mr Fernandes stated that Khandu had almost staged a dharna in New Delhi which had moved Prime Minister Dr. Manmohan Singh, UPA chairperson Sonia Gandhi, Finance Minister P Chidambaram and Planning Commission Deputy Chairman Dr.

Montek Singh Ahulwalia to extend all dispensation to the state.

''These achievements are confidence building measures to make Arunachal a front ranking state of the country,'' Mr Fernanades said, adding, '' I am confident that the chief minister would be capable of taking the state forward to its desired destination.'' Seeking the cooperation of all sections of the state, particularly MPs, ministers and MLAs in his efforts to speed up the development process, Mr Khandu, in his address, said ''I can not do anything alone without your whole hearted support.'' Announcing that he has fulfilled his commitment given on April 9 last immediately after taking oath as chief minister, Mr. Khandu said that the poor and downtrodden sections, who had lost hope of getting back their money deposited in the Bank, would be paid before August 15 next.

The payment to the 1,52,223 depositors should be video recorded to avoid wrong payment, he said adding that the loan recovery process would be expedited and cautioned that no defaulters would be spared.

Moreover, a bill would be enacted soon to amend the Bank clause not to appoint a public leader its chairman and appoint either the chief secretary or finance commissioner its functional head for bringing professionalism,he stated.

UNI