The Sikkim State Cooperative Bank Ltd. (SISCO) under RBI license has been set-up in 1996 and become operational from 1999. It is regulated by the Reserve Bank of India and National Bank for Agriculture and Rural Development is first of its kind registered in the State with the objective to serve as a balancing centre for all cooperative societies in the state and to raise deposits and share capital for giving loans to member cooperatives and other individuals for viable projects and schemes both in farm and non-farm sectors.
The total paid-up capital of Rs. 1398.09 lakhs of which state government equity share participation is Rs. 925.60 lakhs in 2015-16. The Bank has 4977 individuals and 357 cooperative societies as members enrolled especially for facilitating term loans etc. besides deposit mobilization the bank is also implementing Kisan Credit Card Scheme and Crop Insurance Scheme.
The Board of Directors of the Bank consists of 14 members of which four are nominated by Govt. including Chairman, seven from primary cooperatives including women member, two elected from individual shareholder members and the Managing Director.
Financial Status of Sikkim State Cooperative Bank Ltd
|2||Total Paid up Capital||Rs. in lakhs||1375.61||1404.27||1478.95|
|(i)||Of which State Govt.||“||925.60||925.60||925.60|
|5||Loan and Advances :|
The Head Office of the bank is situated at its owned building at Metro Point, Tadong, East Sikkim. The bank has opened its branches at Namchi, Gyalshing, Mangan, Jorethang, Singtam, Pakyong, Soreng, Hee-goan, Ravongla, Yangyang, Sombaria, Soreng and Gangtok and Tadong.
The major achievements of the SISCO Bank Ltd.
- NABARD’s Award – 1st Prize for the best performance bank under Two Tier Structure – 2000-01
- NAFSCOB’s Award – the best performing bank in North East – 2001-02
- 16281 Kisan Credit Cards were issued till March 2016
- KCC loan amounting to Rs. 925 lakhs sanctioned and disbursed till March 2016
- Under Dairy Entrepreneurship Development Scheme (DEDS) Rs 869 lakhs loan sanctioned and disbursed till March 2016
- Other forms of term loans amounting to Rs. 307 Crores also sanctioned and disbursed
- The bank as of now has paid total dividend of Rs. 3.42 Crores to the State Govt. exchequer
- CORE banking system has been operationalised in all the branches