Imphal, December 17 2009: Despite being the most progressive co-operative bank in North East India with a working fund of over Rs 170 crores , the future of Imphal Urban Co-operative Bank (IUCB) has become very bleak today, Employees' Association of the Bank has contended.

Talking to mediapersons at Manipur Press Club here this afternoon, president of Imphal Urban Co-operative Bank Employees' Association Longjam Suranjoy asserted that the situation has come to such a stage where the future of the most progressive co-operative bank at stake now mainly due to the mismanagement of the Administrator and General Manager of the bank.

Informing that bank has 20 share holders, Suranjoy pointed out that the Board of Directors of the Bank is to be elected from among the share holders.

However, the election of the Board of Directors has not been conducted for the last three years.

As a consequence of such mismanagement, the bank has been losing profit at the rate of Rs 2 to 3 crores every day.

To ensure election of the Board of Directors and in the interest of maintaining a democratic management of the share holders, the Government had deputed V Thangzasiam, Additional Secretary of Co-operation as the Administrator of the bank.

Unfortunately, he had been given the power of decision making on finance and other major issues apart from looking after the election of the Board of Directors and the day to day functioning of the bank.

The 6month long term of V Thangzasiam had already been extended twice and for the third time extension has been granted with effect from October 14 this year.

However, an order issued by the Deputy Secretary of Co-operative has mentioned that there would be no more extension of the term and the election of the Board of Directors should be completed.

But so far there has been no notification for election of the Board of Directors, Suranjoy pointed out.

He further pointed out that in accordance to the bylaws of the bank, a representative of the Employees' Association is to be included in the elected Board of Directors.

But such benefits is not ensured under the administration of the Administrator who runs the bank according to his own sweet will.

As per the memorandum of understanding (MoU) signed between the Employees' Association and the Administration, there should be mutual consultation at the time of post creation or recruiting of staff in the bank.

Based on the MoU, the Association had also been assured that the General Manager would implement the terms and conditions of the MoU.

However, contrary to this, the July 7 notice for recruiting 23 staff had been issued without the knowledge of Employees' Association.

Before signing of the MoU, six staff have also been appointed on contract basis and four others after signing the MoU.

So the major decision of appointing staff although the deputation is for the purpose of electing a new Board of Directors is against the order of the Government, Suranjoy contended.

He recalled that as part of the campaign being launched by the Employees' Association to improve the functioning of the co-operative banks in the State, another MoU had been signed with the Government of Manipur and RBI.

On the basis of this MoU, Task Force on Co-operative Bank had been formed to look after the affairs of the Co-operative Banks.

The meeting of the Task Force was held at Guwahati on November 27 last.

The said meeting had also recommended institution of a democratically elected Board of Directors of IUCB.

On the other hand, in a hasty move, the Bank authorities have started issuing admit cards for conducting written test in connection with recruitment to the post of Assistant Grade II and Grade IV.

The date of the written test, syllabus and examination centre too have been announced though media on December 11 .

But on the following day again it was announced that the written test has been postponed.

This only shows that the written test was being planned without the approval of the Government and it amounts to betrayal of the aspiring unemployed candidates by the Administrator and the General Manager, who had earlier been suspended from service in a case of financial bungling over construction of the second floor of head office building at MG Avenue, Suranjoy added.

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