All the 18 branches of The Chandigarh State Cooperative Bank Ltd. Chandigarh have obtained Licenses from the Reserve Bank of India under Section 23 read with Section 56(p) of the Banking Regulation Act, 1949(AACS)
The Chandigarh State Coop. Bank Ltd., Chandigarh has earned a profit of Rs.601.93 lakh in the year ended 31.3.2019.The comparative financial position of the Bank is as under:-
Figures:- Rs. in Lacs
|2||Reserve & Other Funds||3332.15||3392.52||3392.89||3393.31|
|11||Total No. of Deposit Accounts||50566||53381||54418||56067|
The Bank management is making all out efforts to improve the financial position of the Bank and has also initiated some effective steps in this regards as a result of which, the financial health of the Bank has improved considerably.
Obtained DICGC Extension/RBI License for bank
The Bank management carried out very sincere efforts as the matter was pending since inception of the Bank for want of necessary amendments, which had to be made at the level of Ministry of Home Affairs, New Delhi. With the best efforts of the bank management, the bank was granted DICGC Insurance Cover in November 2011. In this way, the Bank management not only taken a huge step to obtain risk cover on public deposits from Deposit Insurance and Credit Guarantee Corporation, but also managed to obtain RBI License from Reserve Bank of India.
Core Banking Solution:
At the direction of NABARD/Government of India, all the Cooperative Banks are now converting their manual functions into Core Banking Solution. The Chandigarh State Cooperative Bank Limited, Chandigarh is also running its banking affairs in CBS system. All the Branches of the Bank have also been equipped with CBS and the CBS work is in full swing in the Bank and the management is taking all necessary steps on the directions issued from time to time by NABARD/Government of India. A full fledge WIPRO Team has been engaged for successful implementation of CBS in the bank and to avoid facing any difficulty in CBS functioning.
Renovation and upgradation of branches:
All the branches of the bank are/under fully CBS working condition and have been/are being renovated as per banking need. The branches have also been upgraded by installation of security system, alarm system, CBS under Finacle through Wipro & NABARD.
Revised Loan Policy (2013) of the bank
The bank has got prepared a very effective and vast loan policy keeping in view the current market scenario and to cater the needs of general public and also to boost up the loaning of the bank.
Cheque Truncation System (CTS)
The bank has adopted latest version of clearing of cheques under Cheque Truncation System regulated by the Reserve Bank of India and has also established a well setup of Clearing Section at Head Office of the bank.
RTGS/NEFT with IFSC Code
The bank was availing RTGS/NEFT services through AXIS Bank at par under any where banking system and now the bank has also been granted the IFSC Code and therefore the bank is also in process to start RTGS/NEFT at its own. After successful implementation of RTGS/NEFT, the bank will further proceed to install ATMs in the Union Territory of Chandigarh.
The Bank is providing ATM facilities to its customers.The Bank has installed five ATMs at five branches of the Bank.
The other achievements of present Management is as under: –
© The Chandigarh State Cooperative Bank Limited Chandigarh,2014