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SIKKIM STATE CO-OPERATIVE BANK LTD.

The Sikkim State Cooperative Bank Ltd. (SISCO) under RBI licence is the first of its kind to be registered in the State. Primarily, the Bank was setup in 1999 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 in farm and non-farm sectors.

At the close of the 2003-04 financial year the bank has a total paid-up capital of Rs. 935.50 lakhs of which state government equity share participation is Rs. 893.50 lakhs. The Bank has 634 member cooperative societies including individual members enrolled especially for facilitating term loans etc. Besides deposit mobilization, the bank is also implementing Kishan Credit Card Scheme and Crop Insurance Scheme extensively. 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 one woman member, two elected from individual shareholder members and the Managing Director.

Presently, the Bank has branches at district head quarters viz; Namchi, Gyalshing and Mangan, Jorethang and Singtam. The Head Office and east district branch is at Gangtok. The Bank which has obtained RBI Banking Licence has opened branch offices on RBI approval. As approved by RBI efforts for opening two more branches one each at Jorethang and Singtam is under active consideration.

SISCO Bank Ltd. was adjudged best by the NABARD in banking performance in the year 2000-01 and was also recipient of NAFSCOB award for banking performance, 2001-02.
 

THE TABLE BELOW SHOWING THE STATUS OF SISCO BANK LTD.

Sl. No   Particulars Units 2006-07 2007-08 2008-09     2009-10       (Provisional) 1 Membership (i) Individuals No. 1370 1711 2209 4293 (ii) Coop. Societies  “ 311 336 337 343 2 Total Paid up Capital Rs. in lakhs 999.94 1017.43 1027.97 1055.94 (i) Of which State Govt. “ 925.60 925.60 925.60 925.60 3 Reserves “ 400.09 550.11 630.54 630.54 4 Working Capital “ 4178.29 9263.38 11469.09 22936.07 5 Deposits “ 2333.74 7028.17 8669.95 19329.12 6 Loan Advances : (i) Short Term “ 423.61 553.13 923.25 636.67 (ii) Medium Term “ 207.18 623.85 998.05 848.57 (iii) Recovery “ 135.11 343.03 282.13 502.23 7 Profit/Loss " 99.66(NP) 173.51(NP) 141.92(NP) 193.71 (GP)

GRAPH SHOWING FINANCIAL STATUS OF SIKKIM STATE COOPERATIVE BANK LTD.