Paving way for two-tier co-operative credit structure in the state, Reserve Bank of India on Monday granted licence for Jharkhand State Co-operative Bank. The licence was handed over to CM Hemant Soren by RBI General Manager Saurabh Sinha in the presence of co-operative Minister Haji Hussain Anasari at Chief Minister’s Office in Ranchi.
“The RBI today handed over licence for Jharkhand State Co-operative Bank which will work with the apex co-operative banks in the state,” said Sinha. Due to some technical reasons, matter was pending at various levels, which was handed over to the Chief Minister today,” Sinha added. The licence was granted after 13 years of continuous efforts by various Governments of the State, which will pave way for the two tier credit structure in the State. “lAMPS and PACS will work in assistance of these co-operative banks in the state,” added Sinha. With the establishment of these banks, farmers could be given loans at a lower rate of interests, he said.
Moreover, more funds for loan could be obtained from NABARD through these co-operative banks resulting to the development of the state. Fresh appointments of efficient staff will be done for these co-operative banks. “To make the conditions of these banks strong and beneficial for the farmers of the state, arrangements will also be made to keep state funds in these banks,” said Ansari. Daltonganj, latehar and Gumla districts will be linked with Gumla and Simdega co-operative banks immediately for the benefit of the farmers. Branches of co-operative banks will be opened at these places in future, added Ansari.
Five branches of Jharkhand State Co-operative banks will be opened at Bistupur, Golmuri, Bokaro and Hatia which will be merged with along with the eight branches of Central Co-operative Banks as well as 112 branches working under those Central Co-operative Banks. “With this the state government gets its own bank which will work for the development of the State paving way for easy flow of loan and other benefits for the state, said the Co-operative Minister. The account holders of these banks will be given all the modern facilities like ATM and net banking and will be seeded with AADHAAR numbers enabling them for getting benefits of direct cash transfer.