ACAB Inclusion in RBI Act: Milestone

Guwahati, Feb 2 (PTI) Assam Chief Minister Himanta Biswa Sarma on Monday said the inclusion of the Assam Cooperative Apex Bank (ACAB) in the second schedule of the RBI Act was a significant milestone for ensuring grassroots financial inclusion.

This accords 'Scheduled Bank' status to the bank, allowing it more operational capacity, boosting liquidity management and increasing public confidence in the system apart from access to various facilities from the Reserve Bank of India, Sarma said in a post on X.


''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,'' he said.

A scheduled bank status enables the bank to access key benefits, including eligibility for refinancing facilities from the RBI, besides improving credibility and visibility in the financial sector, officials said.