Assam Cooperative Apex Bank has received permission to avail assistance worth Rs196.65 crore from NABARD so as to benefit itself in expanding its business.

The bank which has been accumulating losses over the years is expected to make a turnaround following this move and come out as a fresh entity with improved banking services for its customers.

The Chief Minister of Assam, Mr. Tarun Gogoi has handed out the 10% share of Dispur in the bank to the MD of the bank, Mr G Ganguly.

The bank is going to launch its first ATM and core banking service on February 15. Along with this it will also become the first institution in Eastern India to give boost to the cooperative movement of the state.

The chief minister also urged that the bank should focus on lending to self help groups (SHGs) so that they are able to generate profits.