West Bengal State Co-Operative Bank

The West Bengal State Co-operative Bank (WBSTCB) is an Indian provincial co-operative bank based in Kolkata. Its primary area of operation is to provide agricultural loans, controlling the District Cooperative Banks and other cooperative societies. It also includes a range of services to the sector, including locker facilities, bank guarantee, bills, letter of credit, insurance, ancillary services, deposit schemes and loan schemes. It acts as a intermediary for the implementation and funding of different schemes for the government in the fields of Agriculture, fisheries, rural development etc. Along with all the other 33 State Co-operatives it forms the National Federation of State Co-operative Banks Ltd. (NAFSCOB).

The West Bengal State Co-operative Bank Ltd.
FormerlyBengal Provincial Cooperative Federation Ltd. (1918-1923)

The Bengal Provincial Cooperative Bank Ltd. (1923-1947)

The West Bengal Provincial Cooperative Bank Ltd. (1947-1964)
TypeCooperative bank
IndustryFinancial services
Founded1918 (1918)
Headquarters
24A, Waterloo Street, Kolkata, West Bengal
,
India
Area served
West Bengal
Key people
  • Anupam Mukhopadhyay, Special Officer
  • Nilanjan Sinha (Managing Director)
ProductsBanking
OwnerDepartment of Cooperation, Government of West Bengal
Websitewww.wbstcb.com

History

WSTCB was established in 1918 as the Bengal Provincial Co-op. Federation Ltd.[1] The current name was adopted in 1967.[1][2] The bank suffered a set-back in 2000, when it applied to get a NABARD licence.[3] The bank had planned to expand in 2008. These plans met with set backs, with the Government holding back plans that allowed the bank to expand.[4] The bank also suffered financially when the farm loan waiver scheme, a government policy, affected the earning of the bank substantially for 2008.

In 2012, the bank endured a bank scam, losing Rs 160, prompting the Government to establish a strategy to deal with financial scams.[5][6] [7] The bank went through en expansion of its ATM network in 2014.[8]

Operations

The WBCCB is registered as a Apex Co-operative Society along with its counterpart The West Bengal State Agricultural and Rural Development Bank Ltd. for the state of West Bengal. Its primary area of operation is to provide short term agricultural loans, control of District Central Cooperative Banks, financing of PACS. It also includes a range of services to the sector, including locker facilities, bank guarantee, bills, letter of credit, insurance, ancillary services, deposit schemes and loan schemes. The Bank is financed by NABARD and the Department of Cooperation, West Bengal. The Bank is based in Kolkata, West Bengal.[2]

Elections

As per the West Bengal Cooperative Societies Act, 2006 the Government may initiate election for the appointment of directors. Elections are done by the Cooperative Election Commission for every five years.

References
  1. "West Bengal State Co-operative Bank Limited-A Scheduled Bank". Wbscb.com. Retrieved 23 December 2014.
  2. "Company Profile: West Bengal State Cooperative Bank Ltd (WBSCB)" India Private Company Profiles 6 May 2011
  3. "State cooperative bank fails to get NABARD licence" The Times of India, 27 March 2000
  4. "WB State Cooperative Bank expansion plans hit" The Press Trust of India Limited, 24 March 2008
  5. "Nabard exposes Bengal co-op bank scam" The Statesman 25 November 2012, 366 words
  6. "UCO Bank lodges complaint with CBI on FD scam Business Line" (The Hindu), 20 March 2013, 443 words, Our Bureau
  7. "Bank manager nabbed for" The Telegraph, 3 May 2013
  8. "WBSCB adding ATMs, reducing NPAs" Banking Frontiers 16 June 2014, 1674 words

Bibliography


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.