Wish a Happy and Prosperous New Year to all of our

Customers

From the desk of the Ex. Chairman: Sri Asoke Bandopadhyay

        I extend my warm greetings to all of my customers on this auspicious day. Today the red letter day for my Bank. I convey my thanks to all of my employees for their hearty cooperation and sincere effort for developing/launching this site. In the last decade the banking industry witnessed a lot of Ups and downs. GOI and RBI introduced a lot of regulatory measures for turning around of weak Banks and for better financial discipline. Some of them harsh were suggested. I shall now share our glorious past, present and future with you. The major challenges before all Banks to grow and remain profitable at any cost.

        At the first look it may appear that WBSCB is little bit indifferent about the external changes. But a close look on the Bank’s performance might change your opinion. In fact, slide in performance was quite noticeable in the late seventies and early eighties. Instead of looking the performance in a particular time it would be more appropriate if we look around for longer perspective. From 1975 to 1988 the Bank failed to make any profit due to financial and administrative indiscipline. If the Bank had maintained its business growth at the industry average during seventies and eighties it would have maintained one of the biggest Apex Cooperative Bank in India. Democratically elected new Board brought back financial and administrative discipline after 1988. The Bank has been growing continuously since 1989 under the aegis of new Management. The last decade the Bank is growing on an average at a rate of 20%. It was apparent, lack of bank’s growth in the services and eighties due to poor internal management. Without any hesitation I am telling you that it was a protracted and tedious process of reversing the dysfunctions in the organization that was required. This was the priority. We began correcting the organization process, growth start to look up profit generation.

        In the year 1918, this organization was started its operation in the name of Bengal Provincial Cooperative Federation Ltd. After four years of operation it had converted into a Bank. It would have taken a continuous spell on the growth path to acquire a growth of this nature except some few sluggish years. It proves that this Bank imbibes growth in its culture. The new management after taking control in the year 1988 centralized the decision making process for transparency and better management. The new Board considered ‘Cooperation ‘is a movement for the poorer section of the society. For upliftment of underprivileged section the Bank has taken a decision to invest. This Bank contributed 75% of the total agricultural investment of West Bengal for small and marginal farmers. Recovery increased on an average of times. The Bank has able to develop Self Help Group(cooperation within cooperative) for poorest section of the society. Number of Self Help Groups carried 11,000 marks. For empowerment of women the Bank always encourages women participation. Till date total number of members in SHG crossed 90,000. The most astonishing things is that percentage of women member of SHGs near about 90%. Amazingly recovery from SHG is cent percent. We have set a target of forming another 30,000 SHG in the coming year which will ultimately generate an employment opportunity of 3 lacs of people and 12 lacs people will be benefited from it. For better employment generation in the state of Bengal the Bank had extended its cooperation by participating in the schemes like ‘Atmasamman (self respect)’ and ‘ Atmamaryada (Self dignity)’ under Bangla Swanirbhar (Self dependence) Krma(work) Sangsthan(opportunity) Prakalpa(project). We have planned to distribute at least 3 lacs KCC amongst the farmers. Farmers can take loan from our Bank for purchasing of modern equipment for better productivity/yield. Percentage of Non Performing Assets dropped continuously on year-to-year basis. NABARD has certified that the banking is growing every sphere in financial scale.

     In the meantime, our focus was changed to make the banking facilities available everybody in the state and to expand credit flow to all classes of society. We also started offering home loan, personal loan, and consumer loan. The staff strength of WBSCB gone down during this period to match with the industry standard. The Bank had grown nearly 8 times in the last decade. The organization had change qualitatively both in size and dimension. We are responding to the changing times. We reorganized the organizational structure by converting three amalgamated unit offices into Regional offices. 

        Specialisation, focus and performance is the basic tenet for success in today’s banking industry. Promotion and transfer policies based on the grounds of equity and seniority sometimes leads under performance. In the meantime, organisation grows in many folds. Competition form the commercial, foreign and private Banks force the management to think in a different way. The bank realized without adoption of technology i.e. computerization we can’t cope up with this cut throat completion. Bank successfully completed computerization of 14 branches in first phase and decided to computerize rest of the branches within this financial year. At the same time the Bank had successfully started treasury operation from Kolkata. Spectacular performance of treasury section, prudent investment in call money market, Inter Bank deposit and Bond market and cheering attitude of all employees helped the bank to book record profit in the last financial year in the history of Bank. 

        Technological adoption continues by overcoming initial resistance against change. The important reasons behind this is the desire to contain our operating cost at the lowest levels and the same time be able to offer a wide variety of products and services in the quickest time possible. From computerization to networking of ATM, Insurance and now Retail Banking we have move up the value chain. We are in the process of reorganizing the bank keeping in view the market, products, customers and social needs. We have the objective of achieving profitability that is comparable to the market. We believe welfare maximization and profitability are the major factors for very survival of the bank. We are extending our technical expertise to all Primary Agricultural Cooperative Society, District Central Cooperative Banks, Urban Cooperative Banks and other State Cooperative Banks for developing their computer infrastructure. 

        In today’s world Banks have to respond properly to satisfy the need of customers. If the estimated 8% GDP growth as per current five year plan continues, in the medium term we expect growth in Banking. Declining interest rate, low inflation gradual movement towards capital account convertibility, stable exchange rates and 100 bn forex reserve definite orientation of monetary system for investment and growth. Declining borrowing cost, disinvestments, radical change in government towards fiscal management, industrial and excellent agro condition in West Bengal make the environment is as good for investment and growth.  

        As India continues on the path of economic liberalization of the middle class with higher disposable incomes, changing lifestyles, increasing travel, and a growth in the entertainment sector will increase consumer demand for modern electronic payments among a wider cross section of population. As life-style and spending habits in India change the modes and methods of payments will also evolve. Plastic transactions are the way of the future. In India the percentage of payment cards has been hampered by the high cost of card acceptance. This now about to change. To take that advantage we have planned to install ATM at different locations of the state for anytime banking.Retail Banking & Rural Banking was once considered as taboos by the leading foreign and domestic Banks. But cut throat competition, innovation and advance technology have altogether changed the face of banking sector. Now like other banks we realize the importance of retail banking. Unless we penetrate deep into the retail market today their survival will be jeopardized tomorrow

   Now we are moving towards anyhow banking. As we enter the future, we need a low cost organisation. We hope adequate infrastructure, technology, quality manpower, proper control system and optimum size in terms of service branches/outlets and varied products will grow this bank exponentially. We hope in coming years we will maintain this sustained growth. We don’t want satisfied customer only ; we want delighted customers.

       From the desk of the Chairman: Sri Samir Ghosh

The roadmap for the WBSCB Ltd. and the Cooperative Credit Sector of the State as delineated by my predecessor is being followed – sincerely and seriously. Technological upgradation of the Bank continues apace and we hope to extend all modern banking facilities to our valued customers very shortly. A network of connectivity amongst all the branches of WBSCB Ltd. at the first phase and then bringing all the 17(seventeen) District Central Cooperative Banks under the network in the next phase is the projection for the near future. When completed this will facilitate any branch banking in the entire cooperative sector, benefiting a large number of customers in urban, semi-urban and particularly rural areas.

          From 25^th April, 2005, the rates of interest on deposits of WBSCB and DCCBs have been upwardly revised. On savings bank account, the cooperative banks provide the highest interest of 4%; in most other banks it is 3% or at the most 3.5%. Besides, account holders can avail of the facility of free accident insurance scheme of National Insurance upto Rs.1,00,000/- provided the account holders maintain a minimum balance of just Rs.3,000/- No other commercial bank in the state provides this unique facility. Apart from giving higher interest on all time-deposits, WBSCB Ltd. and District Central Cooperative Banks now offer 8% interest on fixed deposit above 6 years for senior citizens. The interest will be credited to the depositor’s savings account every 3 months. So the actual yield comes to more than 8%. We hope the senior citizens will avail of the unique facility.

          Our lending rates are also very reasonable, a little bit on the lower side rather. We have started giving car loans at a very competitive rate with nominal pre-payment charge to give relief to those who intend to repay their loan early. The intending borrowers may contact our branches for further details.

          We are the corporate agent of LICI. We sell LIC policies to our customers. We shall soon have a tie up arrangement with National Insurance Co. Ltd. (a public sector undertaking) to extend various insurance facilities to our clientele. We shall soon extend other facilities to our customers.

          We have recently opened a Cell for interacting with the small scale entrepreneurs for their credit needs. The Cell is headed by our General Manager, Planning & Development, Head Office. We are in touch with Bengal National Chambers of Commerce & Industries (BNCCI) in this regard.

          A Customer’s Grievance Cell has been put into operation to redress any grievance of our respected customers. This Cell is headed by Sri Uday Ranjan Sarkar, General Manager (Admn.) at the Bank’s Head Office. We seek support and best wishes from all our customers and well wishers.