NSCB 41st AGM held

DIMAPUR, JANUARY 18 (MExN): The 41st Annual General Meeting of the Nagaland State Cooperative Bank (NSCB) Ltd. was held on Tuesday, January 18. The annual meet was held at the bank’s administrative headquarters located at Khermahal, Dimapur. Delegates from affiliated cooperative societies from the districts, including shareholders, the board of directors, the vice chairman, and the bank’s officials were in attendance. The present chairman of the NSCB Toshi Aier, IAS, Additional Chief Secretary & Finance Commissioner, Nagaland could not attend the meeting because of some unavoidable circumstances.
Targets a net profit of Rs. 101.43 lacs during 2011-12
A report of the bank’s estimated budgets for the years: 2010-11 and 2011-12 indicated a net profit target of Rs. 101.43 lakh for the coming financial year 2011-12, while the net target for the ongoing year is Rs. 75.14 lakh. For the year ended 2009-10, the bank recorded a profit of Rs. 50.58 lakh (revised). These were stated in the NSCB’s ‘41st Annual Report’.
Vice chairman of the NSCB, Rajuselie Lhousa in the customary address on behalf of the chairman, asserted that the Central government and the state government are very concerned about reviving and strengthening the cooperative sector. The cooperative movement, he said, is moving toward a brighter side and while keeping this in mind, he added that the state is at a period where drastic changes toward modernisation is a necessity. At such a juncture, financial institutions like the NSCB can play a vital role, he held.
The farming sector is one of their main targets, he said, while adding: “They (farmers) coming to us is a help to the banks”. He admitted that the bank have been not so successful in the ‘loan recovery’ part; nevertheless, it still provides loans taking into consideration the interests of the needy farmers.
He further lauded the shareholders, who has been with the bank since its inception, the ups and down notwithstanding. He also appreciated the contribution the employees and hoped that it will grow from strength to strength.
Today’s meeting coincided with the election of new members into the board of directors. Awards were given away to the best performing cooperative society while the best performing branches and staffers, in loan recovery, were also feted.
Dr. US Saha, General Manager, NBARD, Nagaland was also in attendance at the meeting.