Union minister of state for home affairs Ajay Kumar Mishra on Wednesday assured steps to get RBI license for the Repco Bank. The Multi-State Cooperative Society bank headquartered in Chennai is under the administrative control of the Union home affairs ministry.
Addressing the gathering on the occasion of launching four schemes including deposit scheme for senior citizens and a new repatriate welfare scheme of the bank here, he said that Repco bank is power and will remain powerful, for which the Centre and the home ministry would extend all support. We will hold discussions in Delhi to sort out various issues including getting the RBI license, he added. “A committee has been constituted for the purpose and very soon a positive outcome would emerge,” the minister said.
Earlier, in his address, Repco Bank chairman E Santhanam said that the need of the hour for the bank is the RBI license. Pointing out that customers are put to hardships, who need to approach another bank since the cap on credit was limited, he said, the license was essential in view of the long term growth prospects of the bank.
Repco Bank MD R S Isabella also spoke on the occasion. It may be recalled that Repco Bank had applied for ‘on tap’ licensing of universal banks and small finance banks last year.
(With inputs from agencies)