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Sikkim: Chauhan claims to bring SBS into mainstream of banking

D.B. Chauhan, the state BJP president, has urged that the State Bank of Sikkim (SBS) be integrated into the banking system to protect the state undertaking from political influence and to prevent the misappropriation of public funds.

“All are aware that the SBS, a heritage of Sikkim, has been mired in different controversies for a lengthy period. This bank has been a victim of wrong management politically for a long time. It cannot be denied that huge loans were provided to those occupying high political posts and their close aides which caused loss of public money,” said Chauhan in a press statement on Wednesday.

The state BJP head said that political pressure caused the SBS to lose crores of rupees in loans. He claimed that even bank management was subjected to political pressure and functioned without adhering to banking regulations for loans.

“The BJP had raised this issue regularly during the previous government and had also sought that the SBS is brought under the banking mainstream for proper management. That time the bank management had citied Article 371F to cover up the huge corruption done. Even now such statements are seen coming from the SBS management,” said Chauhan.

Chauhan also welcomed the announcement made by Chief Minister P.S. Golay on Wednesday to bring an Act on recovery of SBS loans. “The BJP welcomes this courageous and transparent step. We also expect that it is implemented soon so that the government is successful in recovering the loans from those who have taken public money,” he said.

We also urge that the SBS be integrated into the financial system in order to keep it free of political influence and establish it as the true bank of the people of Sikkim, according to the State BJP president.

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