CARD Bank Renewal on the Cards

Published: 15th April 2015 06:02 AM  |   Last Updated: 15th April 2015 06:02 AM   |  A+A-

BHUBANESWAR: In a move that could bring cheer for employees of Cooperative Agricultural and Rural Development (CARD) bank, Cooperation Minister Damodar Rout has sought a fresh proposal on the possibility of merger of CARD banks with its apex body, the OSCARD bank.

The Minister has also directed the Auditor General of Cooperative Societies (AGCS) to examine the financial statements of OSCARD bank.

Once the audit report of AGCS is ready, it will be reconciled by the Finance department. Thereafter, the committee constituted by the Cooperation department will examine the possibility of revival of CARD banks or its liquidation or merger, sources said.

The Registrar of Cooperative Societies (RCS) has been entrusted with the responsibility of assessing valuation of assets of CARD banks.

These decisions were taken at a high level meeting held in the Secretariat last month.

CARD Banks are lying defunct due to suspension of NABARD’s refinance facilities on account of loans, mounting NPAs and huge accumulated losses.

The bank’s employees have been staging a dharna at Lower PMG Square from March 11 to apprise the State Government of their grievances. Their demands include implementation of voluntary retirement scheme for CARD bank employees in tune with the Sixth Pay Commission and release of funds for pending salaries.

Rout urged the agitating employees to call off their strike and wait for the Government’s decision.

Meanwhile, three of the agitating employees, who are observing fast unto death, were rushed to the Capital Hospital on Tuesday evening as their condition deteriorated.

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp