Nagaland State Cooperative Bank projects INR 1500 lakh profit for 2019-20

Dimapur, June 29 (EMN): The Board of Directors of Nagaland State Cooperative Bank (NStCB) approved the development action plan for the financial year 2019-20, projecting a profit of INR 1500 lakh as on March 31 2020, a growth of 65.37% over 2018-19, informed an update from the bank.

The development action plan was approved during the 292nd meeting of the Board of Directors held in the conference hall of the Chief Secretary Temjen Toy in Kohima on June 27.

State Chief Secretary and Finance Commissioner, Temjen Toy, who is also the chairman of the bank, chaired the meeting. Dignitaries who attended the board meeting include vice chairman of the bank Kekhwengulo Lea, Secretary of Cooperation and Municipality L Akato Sema, Registrar of Cooperative Societies Wepe Ritse, NABARD General Manager (OIC) regional office SK Dhumal, and Managing Director of the bank Lipoktoba Aier.

A total of 30 action taken report and agenda were placed and discussed in the meeting. The Board also deliberated on various agenda pertaining to agriculture and rural development. It lauded the management on achieving good progress in SHG bank linkage under National Rural Livelihood Mission (NRLM), a flagship programme of the Government of India, in which the bank was awarded with the national recognition commendation for outstanding performance during the year 2018-19 by the Ministry of Rural Development.

The Board wants to continue such effort and assured all possible support for the uplift of the poorer section of the society and rural economy of the State.

It also bade farewell to SK Dhumal, GM (OIC) NABARD and Ex-Officio Board of Director of the bank who would be superannuating on July 31. The vice chairman acknowledged the sincere role he played in the Board and thanked him on behalf of the Board. The Chief Secretary and Finance Commissioner and Chairman of the Bank also appreciated him for his overall contribution for the development of the bank.