Meghalaya Co-operative Apex Bank & Meghalaya Rural Bank not to be Affected by YES Bank Fallout, Says Govt

Shillong, March 7, 2020:

Meghalaya Chief Minister Conrad Sangma on Saturday assured the customers of the Meghalaya Co-operative Apex Bank and Meghalaya Rural Bank, that there is no financial implication on both the Banks vis-à-vis Yes Bank being put on moratorium period.

The two banks, which have been functioning in Meghalaya, were availing technical support from Yes Bank. "The bank has already made the alternative arrangements with other technical partners and other banks to ensure all the services," said Sangma.

It needs mention here that Yes Bank is under moratorium period till April 5, 2020, and the customers will be able to withdraw upto Rs 50,000. Due to this direction of the RBI, some of the services provided by the Meghalaya Co-operative Apex and Meghalaya Rural Banks have been temporarily disrupted and efforts are being made to restore the services at the earliest possible.

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"​Both the Banks are fully committed to and are in sound financial position to honour all commitments to their customers and request their customers to bear with them during this time of disruption of service. Both the Banks have been conferred Scheduled status by the Reserve Bank of India, a clear indication of their financial soundness and strength," added the CM.

Sangma further urged the people to refrain from believing in the fake news that has been circulated asking them to withdraw their funds from the two Banks. A First Information Report (FIR) has been lodged at the Sadar Police Station, Shillong against the perpetrators, informed the CM.

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