Apex Bank has recorded a historic operating profit of Rs 709.5 million in the 2024-25 financial year, a huge milestone in its growth path. The Chairman of Apex Bank and MLA of Sarupathar constituency, Biswajit Phukan, revealed this achievement in an exclusive interview with Business North East (BNE).
Phukan underscored the long and progressive journey of the Assam Co-operative Apex Bank Ltd. (ACAB) since its formation in 1948. Throughout the years, the bank has progressively grown in operations and services, emerging as a massive force in the banking industry in Assam. Today, ACAB has a comprehensive network of 67 branches and 6 Zonal Offices within the state, offering various effective banking products and services to the people of Assam.
Explaining the process through which the bank establishes its tendering, the Chairman noted the bank's examination processes are modelled along those of notable institutions such as the Assam Public Service Commission (APSC) and the Assam Direct Recruitment Examination (ADRE) to provide an equal playing ground for all candidates.
This year alone, the bank has hired 250 young people. Phukan also announced several other significant initiatives and milestones in the bank, highlighting its focus on financial development and social responsibility.
With a mobilisation of deposits of Rs. 3474 Crores and advances of over Rs. 1436 Crores, ACAB has played a key role in funding different development activities in Assam. The bank has brought banking services to the people's doorsteps, enhancing financial inclusion and encouraging a modern banking culture among the people.
Earlier, ACAB was a trendsetter in changing saving behaviour, bringing the Assamese populace from conventional means of saving to modern banking services. The bank has an array of new and attractive banking products that not only offer remunerative returns but also contribute towards increasing the financial literacy of its patrons.
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Phukan also underlined the enormous change induced by Apex Bank's digital platform, which earlier operated manually. Phukan accredited the efforts of Himanta Biswa Sarma, who, during his rise to power, eased the transition process towards digital accounts. Phukan noted that the bank's interest is not to expand through opening new branches but to upgrade and raise the levels of existing branches.
He also revealed details of the bank's tendering process, indicating that since they lack expertise in some areas of software or hardware, tenders are floated with ads published in newspapers and the bank's website. Companies fulfilling the required specifications with the best bid win the contract. KPMG is currently handling the bank's IT activity.
As Assam's lead cooperative bank, ACAB will continue to guide the state's financial progress with strategies for more development and future expansion plans. The outstanding performance of Apex Bank highlights its strength, vision, and dedication to the financial health of the Assamese people.
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