RBI Grants Scheduled Bank Status to Assam Cooperative Apex Bank

The Assam Cooperative Apex Bank(ACAB) has been granted ‘Scheduled Bank’ status after being included in the Second Schedule of the Reserve Bank of India (RBI) Act, marking a significant milestone for the state’s cooperative banking sector.

Chief Minister Himanta Biswa Sarma on Monday welcomed the decision, calling it a major step towards strengthening grassroots-level financial inclusion in Assam. In a post on social media platform X, the Chief Minister said the move would enhance the bank’s functioning and improve public trust in the cooperative banking system.

With the new status, ACAB will be able to access several facilities from the RBI, which is expected to improve its financial stability and lending capacity. Officials said this would help the bank serve customers more efficiently, particularly in rural and semi-urban areas.

The scheduled bank tag is also expected to boost the credibility and visibility of ACAB within the banking sector, making it more competitive and reliable for depositors and borrowers alike.

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