Sri Vijaya Puram, Jan 28: Communist Party of India (Marxist) re-iterated its demand to fill up the posts of Managing Director and General Manager in the A & N State Cooperative Bank Ltd. by senior and experienced officers from public sector banks at least for the next 2 – 3 years till the functioning of the State Cooperative Bank is improved considerably.
In a reminder to his earlier letter dated 6th November, 2025 sent to the Lt Governor, A & N Islands, D. Ayyappan, CPI (M) A & N State Secretary drew the attention of the Administration towards the urgent need to intervene in the functioning of the A & N State Cooperative Bank Ltd considering the fact that the Chairman, Managing Director and some Directors of the Bank have been arrested and remanded to jail after an investigation by Andaman & Nicobar Police and ED found their involvement in the fraudulent loan sanction worth Rs. 500 crores.
Ayyappan told the Lt Governor that even those who are officiating as Managing Director and General Manager now are also under investigation by the Police and ED. CPI (M) is of the view that revival of the Bank with the existing team of management is impossible as the present management lost credibility. Hence, we the CPI (M) Secretary in his letter dated 6th November 2025 had suggested to the Lt Governor, A & N Islands that experienced and senior officials from any public sector banks should be taken on deputation basis to run the Bank in a professional manner. Ayyappan said that confidence building measures are also urgently required in the Bank, for which also a new set up in the management is required.