Dimapur, Aug. 19 (EMN): A certificate of commendation has been awarded to the Nagaland State Cooperative Bank at Mokokchung, on August 15 by the district administration.
The Nagaland State Cooperative Bank issued a press release on Monday informing about the recognition given to the bank.
In recognition of the bank's dedicated service and outstanding performance, the establishment of the district’s deputy commissioner awarded a certificate of commendation to Nchumthung Kikon, the branch’s manager, during the 73rd Independence Day celebrations on August 15, the press release stated.
The bank also recalled that the ministry of Rural Development has recently given a ‘national recognition commendation’ to the cooperative bank for outstanding performance in the SHG Bank Credit linkage during 2018-19. The commendation was presented on June 11 2019 at New Delhi by Sanjeev Kumar, additional secretary and financial advisor of the ministry of Rural Development, the press release stated.
In accordance with the recommendation of the committee on Rural Credit Survey of India 1954, the government of Nagaland established the Nagaland State Cooperative Bank Ltd.
The bank was started conceivably with the twin objectives of putting in place a banking system that encompasses cooperative principles and also a financial system that is friendly with the customs and traditions of the people of Nagaland, the press release stated.
The foundation of the bank, as an apex credit cooperative society, was established on October 25 1966 by late Akum Imlong, the then minister for cooperation.
The bank was formally inaugurated on April 21 1967, with its registered office at Dimapur, the press release stated.
‘The bank came into being to fill the large vacuum which the banking and financial outreach were unable to fulfil during the relevant periods. True to its objectives, the bank committed itself in rendering quality service to the people of Nagaland,’ the press release explained.
