Bhubaneswar: The Odisha State Cooperative Bank (OSCB) marked its Platinum Jubilee on Sunday with a noteworthy ceremony graced by Odisha Governor Prof. Ganeshi Lal as Chief Guest. At the event, Co-operation Department Minister Atanu Sabyasachi Nayak, Principal Secretary Sanjeev Kumar Chadha, OSCB President T Prasad Rao Dora, Managing Director Uddhaba Chandra Majhi, senior officials of the bank and Co-operation Department were also in attendance.
As part of the celebration, a Coffee Table Book commemorating the 75 Years of Glorious Journey of Odisha State Cooperative Bank was unveiled by Governor Lal, Minister Nayak, and Secretary Chadha. In his speech, the Governor expounded on the values of cooperation that Odisha can impart to others.
Minister Nayak highlighted the Cooperation Department’s role in making Odisha a food-surplus state, with OSCB playing a significant part in it. He also underscored the bank’s adaptability under the 5T framework, which enabled it to keep up with new banking scenarios in terms of technology adoption and product innovation, putting it on par with other Public Sector Banks and Private Banks.
The Minister shared that OSCB provides about 58% of crop loans in Odisha and that the Cooperation Department is planning to establish 1300 new PACS to make banking services and interest-free loans more accessible to farmers.
OSCB at the apex level is the leader of Short Term Cooperative Credit Structure (STCCS), which includes 17 District Central Cooperative Banks (DCCB) and 2710 Primary Agriculture Credit Cooperative Societies (PACS). To make agriculture more accessible and affordable, particularly for small and marginal farmers, the state government is providing interest concessions for agricultural loans up to Rs 1 lakh at 0% interest and from Rs 1 lakh to 3 lakh at 2% interest.
Chadha highlighted the bank’s commitment to serving the underprivileged. Under the leadership of OSCB, the STCCS provides over 16000 crore of crop loans to farmers annually, which accounts for about 58% of the total crop loan financing in the State. As of the end of the financial year 2022, STCCS has issued over 42 lakh Kisan Credit Cards (KCC) to farmers.
The Principal Secretary informed the attendees that the state government is providing substantial support to the bank, and a new cooperative policy is currently in the works. Additionally, he urged all government departments to maintain an account with OSCB.
In his welcome address, OSCB President T Prasad Rao Dora highlighted the bank’s accomplishments over the last 75 years. He emphasized the importance of strengthening Central Cooperative Banks & PACS and making OSCB a household name.
As part of the function, a seminar was organized which featured presentations by esteemed professionals including SN Tripathy, the Director General of the Indian Institute of Public Administration; Sundeep Kumar Nayak, the Director General of the National Productivity Council; B Subramanyam, the Managing Director of NAFSCOB, Mumbai; and Umakanta Dash, the Director of IRMA.
Prior to the event, Minister Nayak flagged off a Mini Marathon from Sishu Bhawan Square to the Main Branch of OSCB in Bhubaneswar, in the presence of the Principal Secretary, OSCB President, and Managing Director. After the successful completion of the Mini Marathon, winners in various categories such as Boys, Girls, Senior Citizens, and Children were felicitated at the OSCB Main Branch campus. A small cultural event followed the felicitation ceremony.
