Dimapur, January 21 (MExN): The 46th Annual General Meeting of Nagaland State Cooperative Bank ltd (NStCB) was held on January 20 in the Head Office of the Bank at Dimapur.
Temjen Toy, IAS, Principal Secretary & Finance Commissioner, Nagaland and Chairman of the Bank who chaired the meeting placed the Annual Report of the bank for the year 2014-15 before the General Body. The report revealed a growth of 10.74% in the business of the bank.
He placed on record that as per statutory audit report the Bank is well capitalised with an overall CRAR of 8.94% well above the bench mark requirement of 7 % stipulated by RBI and has acquired net worth of (+) Rs. 2400.21 lakh as on March 31, 2015.
He highlighted that the bank has made an operating profit of Rs.57.55 lakh as on March 31, 2015 and the size of Balance Sheet has improved from Rs.57550.96 lakh as on March 31, 2014 to Rs.61410.51 lakh as on March 31, 2015 registering a growth of 6.70%. The Working Capital of the Bank is Rs.52088.73 lakh recording a growth of 7.10% over the previous year. He said that the Share Capital of the Bank as on March 31, 2015 was Rs.5737.37 with the State Government contributing major shares of Rs 4174.21 lakh constituting 72.75% of the total stake holder.
He informed that with the induction of Information Technology in the bank, the Bank has leveraged its technology to make available good quality products and services to its customers. During 2014-15, the Bank launched a host of technology initiatives to create a strong foundation for sustainable growth in the years ahead.
The Bank had embarked on an IT enabled Business Transformation Project to reposition itself in an intensely competitive banking environment. The Project envisaged a host of applications to be implemented in the Bank over a three-year period ending March 2018. This will help the Bank to transform itself into a customer-centric organization and reduce the cost of its services. He said that the bank now is capable of offering all types of normal banking facilities to its customers and clients at par with that of any other bank operating in the country.
While addressing the flagship programme on social security called the Pradhan Mantri Jan-Dhan Yojana (PMJYD) which was launched in the state on August 28, 2014 by the Chief Minister of Nagaland, where the bank was allotted with 16 Sub Service Area (SSA) in eight districts viz Mokokchung, Tuensang. Zunheboto, Wokha, Mon, Kiphire and Peren, he informed that the bank has successfully acquired cent percent coverage of the allotted areas as on March 31, 2015.
The plan envisages channeling all Government benefits from the Government to the beneficiaries’ accounts and pushing the Aadhar seeded Direct Benefits Transfer (DBT) scheme of the Union Government.
Auditors Report was read out in the meeting by CR Lotha. Board of Director informing that for the first time the Bank was awarded Scale 'B' in Audit rating.
The meeting was attended by all Board of Directors of the Bank Officials and dignitaries from State Government, NABARD, Cooperative Societies and Share holders of the Bank.
Velasa Nalco, Registrar of Co-operative Societies, Nagaland declared the result of election of Board of Directors where M. Bendangnukshi Longkumer, LN Ngullie and Noklem Konyak were elected unopposed to the Board representing Mokokchung Wokha and Mon district respectively.
Rev. Dr. S.Vitoshe Swu, Sr.Pastor Sumi Baptist Church, Dimapur lead the invocation prayer and Welcome Address was delivered by O.T. Chingmak Chang, IAS, Secretary, Cooperation, Nagaland. Vote of thanks was articulated by Imtilemba Longkumer, Managing Director, Nagaland State Co-operative Bank Ltd.
