Assam CM welcomes RBI’s decision to include ACAB in Second Schedule

The Assam Cooperative Apex Bank (ACAB) has been accorded ‘Scheduled Bank’ status following its inclusion in the Second Schedule of the Reserve Bank of India (RBI) Act. Chief Minister Himanta Biswa Sarma on Monday, February 2, described the move as a major milestone towards strengthening grassroots-level financial inclusion in the state.

Taking to social media platform X, the Chief Minister welcomed the RBI’s decision, stating that the inclusion would enhance the bank’s operational capabilities, improve liquidity management and bolster public confidence in the cooperative banking system.

“A significant milestone in ensuring grassroots financial inclusion. Glad to note that @RBI has included the Assam Cooperative Apex Bank in the Second Schedule of the RBI Act,” Sarma said in his post.

With the scheduled bank status, ACAB will now gain access to a range of facilities from the RBI, including refinancing options, which are expected to improve its financial stability and lending capacity. The status also enhances the bank’s credibility and visibility within the broader financial ecosystem, officials said.

Experts believe that the move will strengthen the cooperative banking framework in Assam, enabling better credit flow to rural and semi-urban areas and supporting the state’s broader financial inclusion objectives.