Introduction of Bank

Introduction of Bank

This Bank is Registered by the name of “THE BHAGALPUR CENTRAL CO-OPERATIVE BANK LTD”, estd in 1960, Under the Bihar & Orissa Co-operative Societies Act (Act VI of 1935). The Registration No. of this bank is 12BH of 1960. Initially, Only Bhagalpur District was the Operational Area of this bank; but after separation of the district, Bank exists under two district , i.e, Bhagalpur & Banka. In these two districts, there are sixteen branches of this bank running with all banking & allied facilities successfully as per equivalent to other Nationalized Bank.

The bank has following objectives

  1. To finance co-operative societies (Pacs/Vmss), individual, MSME businessman and needy borrower.
  2. To collect deposit from societies individual businessman and other depositors.
  3. To promote govt. scheme (Paddy, Wheat Procumbent, PMJJY, APY, PMSBY and others) which is time to time notified by Govt.
  4. To provide affordable Banking facility.
  5. To organize develop assist and co—ordinate the work of affiliated societies.
  6. To act as balancing Centre for the society of area of its operation.

Introduction of Bank

The Founder Members of the Bank were as follows

1. Late Jageshwar Mandal
The Bank was established with an initial fund of about three lacs as detailed below:
1. Share Capital 1crore made up of 400000 shares of Rs 25.00 each

Business Performance – The Bank is presently doing its business through its 16 branches and 448 Pacs/Vmss affiliated with it.The Bank was earlier doing the lending business under the Agriculture sector only. But after the issuance of guidelines from NABARD regarding non-agriculture finance, the Bank started business under the non-agriculture sector. Thus the Bank is presently doing the lending business in Agriculture as well as the Non-agriculture sector.

Operational Efficiency – Bank has improved its operational efficiency during the last 5-6 years. The employees of the Bank are being sent to training institutions, for imparting training. Some new recruitment on a Regular basis through IBPS.