Chief Minister Naveen Patnaik received a dividend cheque of Rs50 lakh from the management of the Odisha State Cooperative Bank (OSCB) last week.
Minister of Cooperation Bikram Arukh led a team of OSCB management headed by departmental Commissioner-cum Secretary Bishnupada Sethi and including OSCB Managing Director Tusar Kanti Panda to the Chief Minister . The OSCB achieved a turnover of Rs10,000 crore during the fiscal 2012-13. It earned a profit of Rs 11.02 crore in 2011-12 financial year, said officials.
Sethi is the Chief of Management in the OSCB after the Government took over the reins of the premier bank of the State to achieve a healthy growth in the cooperative banking sector.
Though the bank’s turnover has touched Rs10,000 crore, its profit is low because the bank is providing funds to the affiliated District Cooperative Banks and Primary Agriculture Cooperative Societies to advance crop loans at an interest rate of 5 per cent. The State Government continues its policy to compensate the losses sustained by the bank.