Raiganj, April 9 -- The Raiganj Central Co-operative Bank Ltd. in North Dinajpur is facing potential financial challenges as Rs 18.40 crore in loans remain unpaid by 265 high school teachers who have recently become unemployed due to the order by the Apex Court. These teachers had previously secured loans for purposes such as house construction, repairs and personal needs, based on their salary accounts with the bank.
The bank's standard practice involved deducting EMIs directly from the teachers' salaries. However, with their employment terminated, these deductions have ceased, leading to the accumulation of unpaid dues.
The bank operates 18 branches across North Dinajpur district, with salary accounts for a total of 350 such teachers. Among them, 265 had availed various loans without mortgaging land or other cash securities. The cumulative unpaid dues now stand at Rs 18.40 crore.
The bank authorities are currently awaiting the state government's decision regarding the protection of these teachers' jobs. The outcome will significantly influence the bank's financial health and its ability to recover the outstanding loan amounts.
Ratan Kumar Chowdhury, Chairman of the governing body of the state government undertaking Raiganj Central Co-operative Bank, commented on the situation: "We handed over the loans on the basis of their salary accounts. The EMI was being deducted during their salary payment each month.
Then land was mortgaged against some loans. Now, a total of 265 teachers who lost their jobs are unable to pay loans. But our state Chief Minister is looking into the matter with humanity. In case of need, we will urge her to fund us for development."
Published by HT Digital Content Services with permission from Millennium Post.