Sri Vijaya Puram, Nov. 10: CPI (M) has demanded that the posts of Managing Director and General Manager in the A & N State Cooperative Bank Ltd. should be filled up 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 letter sent to the Lt Governor, A & N Islands, D. Ayyappan, Secretary, CPI (M) Andaman & Nicobar State Organising Committee, while drawing the attention of the Administration to the Party’s letters dated 3rd March and 26th May, 2025 on the functioning of the Bank, said that the Andaman & Nicobar Police has registered a series of criminal cases against the officials, Chairman/Vice Chairman and some members of Board of Directors and some of the businessmen on the charges of criminal conspiracy, fraud, manipulation of records, breach of trust, forgery of documents and also under various sections of Prevention of Corruption Act, 1988 and the investigation of the same are under way. He stated that the Enforcement Directorate is also investigating the money trail of the loan sanctioned to various fake firms/shell companies. The Managing Director of the Bank is already in jail while many of the remaining top officials of the Bank will be facing criminal cases and disciplinary proceedings.
Ayyappan stated in the letter that the A & N State Cooperative Bank Ltd is a pioneering financial institution under the cooperative sector having three lakh account holders and a yearly business of about 1200 crores. About 150 regular employees (including vacant posts) and 175 casual employees are working in the Bank. Hundreds of islanders have deposited their hard-earned money in the said Bank. About 15,000 persons are receiving the social security pension through the branches of this Bank. CPI (M) is of the view that the said Bank should be saved at any cost.
Ayyappan informed the Lt Governor that the State Cooperative Bank Ltd is presently undergoing a management crisis in the absence of qualified top rung officials to run this Bank. He told the Lt Governor that for reviving the activities of the Bank and to instill the required confidence among the customers, there is an urgent need to put in position qualified and experienced persons at the top management of the Bank. In the present situation, such a team of experienced and dedicated officials is reportedly not available in the State Cooperative Bank Ltd. Hence, the CPI (M) has urged the Lt Governor to put in place some experienced public sector bank officers in the top management of the A & N State Coop Bank Ltd. Immediately.