While putting highlights on several initiatives taken by the Himachal Pradesh State Cooperative Bank in the context of business diversification, its Managing Director Sharwan Manta said there is an urgent need for diversification because the share of cooperative banks in agriculture business is reducing.
“The share of cooperative banks has reduced from 16.7 in 2015-2016 to 13.0 percent in 2021-22 but there is an increase of 5 percent in commercial banks. In 2015-16, the share of commercial banks in agri business was 70.2 percent which increased to 76.0 percent in 2021-22. It is a matter of great concern we all have to think on these issues”, Manta added.
He further added, the cooperative banks should focus on embracing new technologies as well as attracting young customers. We have diversified our business in Non-Fund Income: Insurance Business and tied up insurance companies. We are providing door-step banking facilities.
Himachal Pradesh State Cooperative Bank launched new loan schemes for purchase & development of land for agricultural purposes. The other scheme launched by the bank is ‘Sashakt Mahila Rin Yojana’, which is a collateral free scheme for women.