Efforts are on to restore services of MCAB, MRB: CM

Syllad | The Rising MeghalayaMarch 7, 2020

Chief Minister Conrad K Sangma said some of the services of the Meghalaya Co-operative Apex Bank (MCAB) and Meghalaya Rural Bank (MRB) have been temporarily disrupted following the decision of the Reserve Bank of India to put Yes Bank under a moratorium of 30 days from March 5.

Informing this here on Saturday, Sangma told reporters that presently the MCAB and MRB are availing technical support from Yes Bank for operationalizing some of their services.

“As a result, some of the services of these Banks have been temporarily disrupted and efforts are being made to restore these services at the earliest possible,” he said.

The chief minister also maintained that there is no financial implication on both the Banks vis-à-vis Yes Bank being put on moratorium and this is a technical issue.

“Both the Banks are fully committed to and are in sound financial position to honour all commitments to their customers,” he said.

Urging the customers to bear with them during this time of disruption of service, Sangma said both the Banks have been conferred Scheduled status by the Reserve Bank of India, a clear indication of their financial soundness and strength.

“The Government of Meghalaya also has no intention to withdraw any of their deposits from these Banks since it is confident of their wellbeing,” he said.

The chief minister also informed that some messages are circulating through social media urging people to withdraw their funds from both the Meghalaya Co-operative Apex Bank Ltd and the Meghalaya Rural Bank.

In this regard, an FIR has already been lodged with Sadar Police Station, Shillong against the perpetrators, he said while adding that both the Banks and the government request members of the public to ignore such messages.