Cooperative Apex Bank becoming insolvent: Tarun Gogoi

Staff Reporter

GUWAHATI: Former Chief Minister Tarun Gogoi has dropped a broad hint that Assam Cooperative Apex Bank (ACAB) is becoming insolvent soon as it is being run by its Managing Director at his own whims and fancies, and the bank’s chairman Himanta Biswa Sarma there for the namesake.

Addressing a press meet at his official residence here on Monday, Gogoi said, “The Managing Director of the bank is a supporter of a particular organization and was appointed by violating the existing rules. The bank doesn’t offer any loans to the farmers of the State now. The bank spends its funds in other States. If the funds generated in Assam are not spent in the State, how will the development of the State be a reality?”

Gogoi further said that the writ of the Managing Director of the Bank runs, not of its Chairman Himanta Biswa Sarma. “The bank is going to be insolvent soon,” Gogoi said.

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