Jangeswar Babu, the President of Orissa State Cooperative Bank has ambitious plan for his bank in the future.First of all he has expressed his willingness that his bank would give a loan of Rs 1, 000 crore to Gridco.
Earlier, the State Government said that it would provide guarantee to Gridco for the said amount. Gridco intends to take the loan to compensate its loss on purchase and sale of thermal power from private companies in the State.
Jagneswar informed that the OSCB is capable of making transaction on commercial basis. “After the Reserve Bank of India gave license to OSCB to do business as other nationalized banks do, we are now allowed to do both cooperative and commercial transactions, the president said. OSCB has already touched Rs 7, 000 crore transaction mark so far, said Sri Babu.