NStCB launches ATM on wheel to mark 50 years of service

Dimapur, Nov. 10 (EMN): Nagaland State Cooperative Bank Limited (NStCB) celebrated its 50 years of service to the people and building relationship with the customers on November 10 at the auditorium of Dimapur Government College. The celebration was marked with the launching of ATM on wheel by the State minister of Cooperation, Imtilemba Sangtam, who graced the occasion as the chief guest.

In his speech, Sangtam asserted that the bank belongs to every citizen of Nagaland. He urged upon every Naga to support NStCB as it is a pride possession of the Nagas.

On the occasion, the minister announced that as part of the initiative to uplift the cooperative development credit movement in the state, the government will be implementing the Integrated Cooperative Development Projects in five districts namely Kohima, Peren, Tuensnag, Kiphire and Longleng with NStCB as Project Implementing Agency (PIA).

Affiliated societies of the bank may reap the benefits of the project for the economic development of the members of those cooperative societies subject to the condition that they are not defaulters to the bank and the government, noted Sangtam.

“The cooperative credit movement in modern India is a state initiated movement and the state partnership is the unique feature of the Indian cooperative movement,” underlined the legislator.

Comparing cooperative banks of Gujarat, Maharashtra, and Punjab which are vibrant economic indicator and are playing pivotal role in the economic development, the minister pointed out that the concept of cooperative movement in northeast states is not up to the mark.

In order to uplift the movement in the state, he said the government has taken various steps such as the enactment of Nagaland Cooperative Societies Act and Rules in the assembly, passing of cabinet resolution in the state assembly for deposit of all Village Development Board (VDB) fund with the NStCB.

He has advised all state government departments to open salary accounts of their employees with the new state cooperative bank since the bank is on Core Banking Solution platform and can offer service at bar with other banks.

“The state government is the major stakeholder in the bank and has stood with the bank all time. As per the stipulation of regulatory authority and in order to elevate the Capital to Risky Asset Ratio (CRAR) of the bank, the state government as per exigency has also infused additional share capitals during 2005 and 2013 to the tune of Rs 33 crore,’ maintained Sangtam.

The legislator lauded NStCB for its successful completion of 50 years of service to the people and noted that in its 50 years, NStCB has been successful in establishing itself as a vibrant organisation and at bar with other banks of the country.

Cooperation secretary, Litrongla G Chishi, in her address, reminded NStCB that as a profit running organisation the bank cannot afford to sleep adding that with today’s celebration of 50 years, the bank has a long way to reach to the needs of the people and improve the economy. She also conveyed that a bank cannot sustain unless a bank has sincere clients.

With the bank’s commitment to adopt 11 golden villages in commemoration of 50 years, NStCB adopted 11 villages each from the 11 districts namely Kigwema village (Kohima), Changtongya old village (Mokokchung), Longtang village (Tuensang), Hongphoi village (Mon), Yikhum village (Wokha), Shoixe village (Zunheboto), Signal Angami village (Dimapur), Lasumi village (Phek), Samziuram village (Peren), Kiphire village (Kiphire) and appreciation certificate to Phom Baptist Church Association (PBCA).

Ten cooperative societies were also awarded. They included Mesavi MPCS Ltd (Kohima), Evergreen MPCS Ltd (Mokokchung), The Future Provision Ltd. (Tuensang), YS MRASSIC Ltd (Mon), WOPAN MPCS Ltd (Wokha), Supermarket MPCS Ltd (Zunheboto), Kuphu MPCS Ltd (Dimapur), Chizo’s Agri-allied CS Ltd (Phek), Roungdi AACS Ltd (Peren), and Yingphi Tonger Dairy coop. society Ltd (Kiphire).

The closing remark was rendered by NStCB Managing Director Imtilemba Longkumer.