The Reserve Bank of India (RBI) has permitted Jharkhand government to have its cooperative bank, ‘Jharkhand State Co-operative Bank’ after the State’s 12 year struggle. RBI handed over the license for setting up the cooperative bank to the State Cooperative Minister Haji Hussain on August 26 in Ranchi, the state’s capital.
The two tier credit cooperative structure would pave ways for large-scale activities in the field of rural credit structure, said the RBI. Hussain said that now it would be possible for the farmers of the state to avail loan at a much lesser interest rate.
All the existing 118 branches of cooperative bank would be connected and core banking has already been in place.
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