SISCO Bank is now a Scheduled Bank

SUMMIT REPORT

Gangtok, 02 Nov:

Twenty-three years after it was formed, Sikkim State Co-operative Bank Ltd (SISCO Bank) has finally been accorded Scheduled Bank status by the Reserve Bank of India, a press release informs.

Scheduled banks are banks that are listed in the 2nd schedule of the Reserve Bank of India Act, 1934. In layman’s terms, SISCO Bank is now eligible to receive low-interest loans from the Reserve Bank of India and, more importantly for its depositors, it has now also acquired membership in clearinghouses which means SISCO Bank cheques will now clear faster with other similarly scheduled banks.

SISCO Bank started functioning as an apex Co-operative bank of the State in the year 1998 after getting banking license from Reserve Bank of India. The bank has now been included in the second schedule of RBI Act, 1934 resulting in SISCO Bank attaining Scheduled Status.

SISCO is only the third State Co-operative Bank in the North Eastern Region to achieve this recognition.

The inclusion in second schedule is a result of excellent and consistent financial health, capital adequacy, asset quality and operational efficiency of the Bank, the release details.

SISCO Bank will hugely benefit through new opportunities in transacting business with Reserve Bank of India. The technological upgradation of the Bank along with financial and digital inclusion in the State of Sikkim is expected to get a major fillip through this development.

SISCO Bank today operates on CBS platforms and has facilities like Debit-cum-ATM cards, RTGS/NEFT, DBT, SMS alerts, CTS, PFMS etc. The bank is a leading purveyor of agriculture and developmental credit in the State of Sikkim. The bank is working towards launching of mobile banking services shortly.

Being fully owned by the State Government, primary co-operative societies and thepeople of Sikkim as equity share holders, classification as a Scheduled Bank ismatter of huge pride for the entire State.