
Guests, Vice Chairman and members of Board of Directors of the Nagaland State Cooperative Bank Ltd during the 49th Annual General Meeting on January 31 at NStCB Conference Hall, Head Office, Dimapur. (Morung Photo)
• Commendable progress in various areas during last financial year
• Recovers a total of Rs 649.45 lakh NPAs during 2017-2018
Morung Express News
Dimapur | January 31
The financial and functional performance of the Nagaland State Cooperative Bank Ltd (NStCB) registered growth in various areas during the last financial year, March 2018. Subsequent increases include growth in total deposit, cut downs in accumulated loss, increasing business of the bank, recovery of Non-performing Assets (NPA) etc.
The reports were presented during the 49th Annual General Meeting of the Nagaland State Cooperative Bank Ltd (NStCB) was held at NStCB conference hall, head office, Dimapur on January 31.
Secretary (Cooperation) & Municipal Affair, Nagaland I Akato Sema, IAS in his address iterated that Agriculture is the backbone of the state and in this line he encouraged the state cooperative bank to maximize influence in responsibilities of savings and lending to agriculture societies to saddle sustenance and self reliance.
He also added that such support can increase and impact both agronomy production and financial growth.
National Bank for Agriculture and Rural Development (NABARD) AGM KC Biswas who also spoke during the meeting called all stakeholders to take ownership of the bank. Citing that the Nagaland State Cooperative Bank was awarded Audit scale B+ on the basis of 69.90 marks as on March 2018, he said that the state bank is making commendable progress and therefore, urged them to achieve better audit scale, scale A+ (75 points) target during this financial year.
While reassuring continued support, he said, NABARD which is closely associated with the bank will extend financial support for agriculture and allied activities in the days to come.
He also incited the bank to reach every household and include students to open bank accounts so to benefit both the parties.
Registrar of Cooperate societies (ROC), Nagaland Wepe Ritse while conducting the elections simulated the attendees that “the growth of the bank depends on the deposit and investment of all shareholders,” in this line he called the attendees to scrutinize fact and figures at their perusal and act as guardians of the bank.
Lauding the current Board of Directors (BoDs) for being honest and transparent in their deliverance, he also mentioned that the Non-Performing Assets (NPA) which fluctuated in the previous terms, were subsequently improved and during 2017-2018, a total of Rs 649.45 lakh were recovered depicting improvement of the bank’s performance.
The programme was chaired by NStCB Vice Chairman Kekhwengulo Lea. He also administered the Annual report of Directors for the year 2017-18.
Other proceedings of the day including audited Profit & Loss Account, balance sheet of year 208, revised budget of the year 2017-2018 and estimated budget for the year 2018-19 and 2019-20 and amendment of Bye-laws were administered by BoDs LN Ngullie, T Abao Kire, M Bendangnukshi, Ak Deb (GM accounts). The welcome address and invocation was delivered by Thsapongya Sangtam, BoD and L Lima Jamir, Pastor DABA respectively.
Earlier, Razaphe MPCS ltd, Tuensang district and Kohima Main Branch emerged as Toppers in the categories- Overall rating of branches, Branch with highest CASA deposits and Branch with highest NPA recovery.