Bank opens after decade

TT, Jalpaiguri, Jan. 3: A cooperative bank in town that was shut for the past 10 years after it failed to obtain over Rs 5 crore from borrowers, resumed work today.

Sources said, from 1992 to 2005, the Jalpaiguri Peoples' Cooperative Bank had provided loans amounting to Rs 7 crore to many people and institutions. But as most of them did not repay the money, the bank faced acute cash crunch and eventually, it had to be shut down in 2006.

Today, Subhendu Bose, the new chairman of the bank, said they have resumed normal activities and would now focus on collection of the dues.

"We are aware that Rs 5.65 crore is lying due. We have decided to reduce the interest rates from 12 per cent to 6.5 per cent for borrowers who are yet to repay the loans. In case they repay the pending amount at one go, a lower rate of interest will be charged," he said.

"We have only Rs 1.5 lakh with us now and will gradually repay our depositors. Activities like opening of accounts or reviving old accounts have started," Bose added.