Meghalaya: CM allays fear of services diruption by MRB, MCAB

Shillong, Mar 07:

Meghalaya Chief Minister, Conrad K Sangma said that the decision of the Reserve Bank of India (RBI) to put Yes Bank under moratorium on March 05 2020 has temporarily disrupted some of the services provided by Meghalaya Cooperative Apex Bank (MCAB and the Meghalaya Rural Bank (MRB).

Speaking to reporters here today, Sangma said that efforts are being made to restore the services at the earliest.

According to him, the foundations of these banks are very strong and whatever challenges right now they are facing have no impact on the foundation, financial strength and soundness of the both these banks.

"It is only some of the services which are provided by the bank on the Yes Bank technical platform which is currently disrupted," Sangma said.

Urging the customers to bear with the present difficulties faces by these banks, Meghalaya Chief Minister said that the Government has assured that it has no intention to withdraw any of its deposit from the Meghalaya Cooperative Apex Bank since it is confident of the bank and the bank's well being.

When asked on the services which have been affected, he said that basically it is the mobile banking, RTGS, IMPS, NPFT and to a certain extent the ATM services which requires the technical support of the Yes Bank has been temporarily affected.

Meghalaya chief Minister said; "In fact, in the MRB only the cheque clearing facilities which has been affected. We would like to inform all the citizens and the customers of all these banks that bank is already making alternative arrangement with other technical partners and other banks to ensure that both these banks are able to provide all the above mentioned services at the earliest".

"We want to stress on the point that there is no need to panic since the foundations of these two banks are not affected. The financial soundness of both the banks has no connection with the current status of Yes Bank. It is only technical service which is avail through Yes Bank which will be affected for some days," he said.

Informing that it had come to their notice that some mischievous messages were circulated through social media urging people not to circulate their funds both the MCAB and MRB, Sangma said that in this regard, the MCAB has already lodged an FIR with Sadar police station, Shillong.

It may be mentioned that Commissioner and Secretary in-charge Finance, Vijay Kumar and the Managing Director of the MCAB and MRB were also present during the briefing of the Chief Minister.