LG inaugurates NAFSCOB Board of Directors Conference

Port Blair, Feb. 17: The Lt Governor, Lt Gen (Retd) Bhopinder Singh, PVSM, AVSM today inaugurated the Board of Directors Conference of the National Federation of State Cooperative Banks Ltd. (NAFSCOB), Mumbai at a function held at the conference hall of Sea Princess Resort, Wandoor.

Organized by the A&N State Cooperative Bank Ltd., Port Blair, Chairmen, Board of Directors, Managing Directors and special officers of all the State Cooperative Banks of the country are participating in the conference, in which various national issues, review of monetary policy, and many other vital issues pertaining to the State Cooperative Banks (SCBs) were discussed in detail.   

Addressing the gathering present on the occasion, the Lt Governor congratulated the A&N State Cooperative Bank Ltd. and National Federation of State Cooperative Bank Ltd. for organizing the Board of Directors conference in the Islands. He stated that despite enormous challenges, Cooperative banks operating in these islands have done extremely well and have been able to reach out to the people with numerous welfare schemes. He expressed happiness that the Cooperative banks in our Islands are performing their role with dedication to ensure that all the needy people are given the required help and support. 

He further stated that Cooperative Institutions have played a major role in the upliftment of the `have-nots’ and poor sections of the society. The Cooperative Banks are performing multifarious functions of financial, administrative, supervisory and development in the nature of expansion of cooperative credit system. Besides providing the basic requirements to the poor and needy in the remote Islands, the bank has served the poor people from being exploited by the money-lenders, he stated. The Lt Governor stated that the State Co-operative Banks under the overall guidance of the federation would continue to play a lead role in the cooperative credit sector and will reach to the weaker sections and the common man in the remotest areas.

Assuring full support of the Administration to the State Cooperative bank, the Lt Governor stated that he will take up the issue of granting permission regarding opening of more branches of the cooperative banks in the remote places in southern group of Islands so that required banking facilities and financial support also reach out to the people in this part of the Islands.  

In his brief speech, Dr. Bijender Singh, MLA, Chairman, NAFSCOB assured that on behalf of NAFSCOB, he would take up the issue of opening of more cooperative bank branches by the A&N State Cooperative Bank Ltd with the RBI.

In his speech, Dr. Chandra Pal Singh Yadav, President, NCUI stated that it is only through the Cooperative movement maximum benefit can be provided to the rural population of the country.

Earlier, welcoming the chief guest and others, the President of the A&N State Cooperative Bank Ltd., Shri Bhagat Singh highlighted the activities of the bank and the difficulties and challenges faced by the bank. The function concluded with the vote of thanks proposed by Shri B. Subrahmanyam, Managing Director, NAFSCOB.