Cabinet decides to deposit VDB funds in NStCB Ltd

Cabinet decides to deposit  VDB funds in NStCB Ltd
The Nagaland State Cooperative Bank Ltd. Head Office Complex launching its first Mobile ATM as part of its 50 year’s Golden Jubilee celebration.


Morung Express News
Dimapur | November 10


The State cabinet has passed a resolution in the Assembly for depositing of all VDB funds with the Nagaland State Cooperative Bank (NStCB) Ltd. This was among other steps taken by the Government of Nagaland with the objective of uplifting the Cooperative movement in the State.


This was disclosed by Minister for Cooperation, Relief & Rehabilitation and MARCOFED, Imtilemba Sangtam during the golden jubilee celebration of the bank at Dimapur Government College on November 10.


Speaking as the chief guest, the Minister also stated that the government has advised all its departments about the option to open salary accounts of its employees with the New State Cooperative Bank since the bank was on CBS platform and could offer services at par with other banks.


He informed that the government had also enacted the Nagaland Cooperative Societies Act and Rules in the Assembly.


“The bank belongs to the State of Nagaland and it belongs to every citizen of Nagaland. Every Naga therefore has a dream to see that this bank prospers and it should be his/her duty to be with the bank as it is a pride possession of the Nagas,” Imtilemba added.


He also informed that the government would be implementing the Integrated Cooperative Development Projects in Kohima, Peren, Tuensang, Kiphire and Longleng with the bank as Project Implementing Agency. In this regard, he urged affiliated cooperative societies of the bank to reap the benefits of the project for the economic development of the members of those cooperative societies, subject to the condition that they were not defaulters to the bank and the government.


Imtilemba pointed out that the bank since its inception has been catering to the needs of the people and also playing a pivotal role for the economic development of the scheduled tribes of Nagaland, while also undertaking various schemes for the downtrodden, sponsored by the Centre, NABARD and State Government.


He maintained that the bank has been successful in establishing itself as a vibrant organization and at par with other banks in the country


Chairman, NStCB Ltd, Temjen Toy, who is also the Additional Chief Secretary and Finance Commissioner, reminded about the record breaking profit of Rs 8.37 cr made by the NStCB Ltd and informed that the bank currently has a deposit of Rs 661 Cr.


Delivering a short speech, Secretary, Cooperation, Lithrongla G Chishi, IAS emphasized on the need for a sincere and committed customer base, upon whom survival of the bank depends. She encouraged employees of the NStCB Ltd that they have to reach the grassroots, where others cannot go, and work towards improving their economic standards.


AK Das, ex-CEO, NStCB Ltd; B Subramaniam, MD National Federation of State Cooperative Banks; Wepe Ritse, Registrar of Cooperative Societies Nagaland; S Sale, former MD NStCB Ltd and SK Dhumal GM (OIC), NABARD Dimapur also spoke during the programme.


Later, the chief guest launched a mobile ATM/ATM on Wheels of NStCB Ltd, becoming the first bank in the state to launch the facility.