Jharkhand will finally have the cooperative Bank after the struggle of 12 years. RBI representative handed over the license for setting up the cooperative bank to state cooperative Minister Haji Hussain on Monday in the state capital Ranchi.
The RBI representative said that the two tier credit cooperative structure would pave ways for large-scale activities in the field of rural credit structure.
Minister Mr Hussain said that now it would be possible for the farmers of the state to avail loan at a much lesser interest rate- a dream being chased by political class for a long time.
The state cooperative minister said that all the existing 118 branches of cooperative bank would be connected and core banking has already been in place.